In 2025, Vietnam stood out as the sole Southeast Asian nation to experience a decline in its sales of gold bars and coins. The volume experienced a 14% decrease from the previous year, falling to 36.1 metric tons, in spite of robust consumer interest.
The World Gold Council has reported a consistent contraction in Vietnam’s gold trading for six consecutive quarters up until the end of 2025, landing at a near-five-year low. A primary factor contributing to this downward trend has been identified as short supply.
Shortages in the supply of gold bars and a sudden surge in the demand for 24K rings induced a sharp increase in prices. This caused a significant divergence from global rates, with bullion prices experiencing a rise of 81% in the previous year and 25% in the current year.
Contrastingly, most of the ASEAN member countries experienced a surge in demand for bars and coins, reaching multi-year highs. Thailand was the regional leader in terms of gold bar and coin purchases, boasting a 29% increase at 51.4 tons. Indonesia, Malaysia, and Singapore also reported growth of 29%, 37%, and 48% respectively.
The State Bank of Vietnam has highlighted the fact that Vietnam is not a gold-producing country and primarily relies on imports, which lends itself to a restricted supply given foreign currency is typically reserved for more pressing needs.
In the previous year, the government made the decision to permit private gold producers who meet specific capital requirements to operate. However, up until now, no licenses have been issued.
On a global scale, gold demand experienced a 1% rise to reach 5,002 tons, setting a new record. This is largely attributed to the continuous geopolitical and economic uncertainty, which has led investors to seek refuge in this safe-haven metal.
Why did Vietnam experience a drop in gold bar and coin sales in 2025?
The significant decline in sales is attributed to supply shortages, despite strong consumer demand.
How did other ASEAN member countries fare in comparison to Vietnam?
Contrary to Vietnam, most ASEAN member countries, including Thailand, Indonesia, Malaysia, and Singapore, saw a surge in demand for gold bars and coins, reaching multi-year highs.
What measures has the Vietnamese government taken to address the issue of gold supply?
The government has granted permission to private gold producers meeting certain capital requirements to operate, in an effort to address the issue of gold supply. However, as of now, no licenses have been issued.
