The demand for gold declined sharply by 42 percent in volume and 48percent in value in the second quarter over the same period last year.
Accordingto the latest report from the World Gold Council (WGC), Vietnamregistered consumption of 19.3 tonnes worth 799 million USD.
Thecountry's demand for jewellery was 2.8 tonnes worth 116 million USD,down 17 percent, while the figures for gold bars and coins were 16.5tonnes worth 683 million USD, down 45 percent.
The WGC's reporton global gold consumption in Q2 also showed that in the year endingJune, Vietnam consumed 86.3 tonnes of gold worth 3.6 billion USD, down 4percent in volume and 21 percent in value.
The WGC rankedVietnam as the world's seventh largest gold consumer last year with 92.2tonnes worth 4.16 billion USD, up 20 percent against the previous year.
Vietnam,this year, is seeing a decline in the demand for gold as deceleratinginflation and more attractive opportunities in stocks, property and bankdeposits have driven the interest away from it.
Experts saidthat this trend clearly showed the increasing trust that the country'sexpanding middle class had in the economy at large.
Traditionally,many saw gold as the only safe way to store their money, but now theyare much more willing to keep their money in banks and invest inbusinesses, stocks and other types of financial instruments.
Nguyen Thanh Long, Chairman of the Vietnam Gold Traders Association, said that this trend was new to Vietnam.
Longexplained that when the economy was unstable and inflation high, peopleonly trusted gold. Now people are seeking investment in stocks andproperty, and even simply depositing money in banks could give them goodreturns, so demand for gold had dropped sharply, he said.
Expertsforecast that gold consumption in Vietnam, the largest Southeast Asiangold consumer after Thailand, was likely to shrink by half this year tobetween 25 and 30 tonnes.
Under the WGC's Q2 report, the world'stotal gold demand in Q2 was 964 tonnes, down 16 percent against the sameperiod last year. Demand for jewellery accounted for half that total.
India and China remained the world's top gold consumers with 154 and 143 tonnes, respectively.
Central banks of countries worldwide in Q2 bought 118 tonnes of gold, up 28 percent against the same period last year.-VNA
Accordingto the latest report from the World Gold Council (WGC), Vietnamregistered consumption of 19.3 tonnes worth 799 million USD.
Thecountry's demand for jewellery was 2.8 tonnes worth 116 million USD,down 17 percent, while the figures for gold bars and coins were 16.5tonnes worth 683 million USD, down 45 percent.
The WGC's reporton global gold consumption in Q2 also showed that in the year endingJune, Vietnam consumed 86.3 tonnes of gold worth 3.6 billion USD, down 4percent in volume and 21 percent in value.
The WGC rankedVietnam as the world's seventh largest gold consumer last year with 92.2tonnes worth 4.16 billion USD, up 20 percent against the previous year.
Vietnam,this year, is seeing a decline in the demand for gold as deceleratinginflation and more attractive opportunities in stocks, property and bankdeposits have driven the interest away from it.
Experts saidthat this trend clearly showed the increasing trust that the country'sexpanding middle class had in the economy at large.
Traditionally,many saw gold as the only safe way to store their money, but now theyare much more willing to keep their money in banks and invest inbusinesses, stocks and other types of financial instruments.
Nguyen Thanh Long, Chairman of the Vietnam Gold Traders Association, said that this trend was new to Vietnam.
Longexplained that when the economy was unstable and inflation high, peopleonly trusted gold. Now people are seeking investment in stocks andproperty, and even simply depositing money in banks could give them goodreturns, so demand for gold had dropped sharply, he said.
Expertsforecast that gold consumption in Vietnam, the largest Southeast Asiangold consumer after Thailand, was likely to shrink by half this year tobetween 25 and 30 tonnes.
Under the WGC's Q2 report, the world'stotal gold demand in Q2 was 964 tonnes, down 16 percent against the sameperiod last year. Demand for jewellery accounted for half that total.
India and China remained the world's top gold consumers with 154 and 143 tonnes, respectively.
Central banks of countries worldwide in Q2 bought 118 tonnes of gold, up 28 percent against the same period last year.-VNA
