In LBMA’s latest report, find out more about the structure of Vietnam's gold market in all its phases, from pre-liberalisation, 1988-2012, to 2013 onwards when Decree 24 was put in place. The report also examines Vietnam's standing in the global gold market, its stringent regulations, and its associated demand.
Vietnam was the 9th largest gold market globally in 2023, with combined physical investment and jewellery demand of 56t. Since 2013, total gold demand has halved from 100t, with bar purchases falling from 82t to 41t due to regulatory limitations. In contrast, jewellery demand has increased due to changing tastes and lower product weights. Decree 24, which restricted bullion imports, led to a massive rise in gold premiums, causing a shift from bar investment towards jewellery purchases.
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