Vietnam, the largest consumer gold market in Southeast Asia, is set for potential growth as there is an enormous interest among investors in digital gold accounts, according to a study recently made public.
The study, conducted in 2019 by the World Gold Council, reached out to more than 2000 retail investors and looked at the various segments of retail investors’ behavioural patterns, attitudes towards gold, and the barriers that lead to lack of products.
Gold holds a uniquely strong position in the this market as Vietnamese believe gold to be a good safeguard against periods of political and economic uncertainty, and a protection against inflation and currency fluctuations. It also makes them feel secure for the long-term.
There is also appetite for new ways to invest in gold, including digital gold platforms or buying gold through an established channel like a bank.
“Vietnam plays an important role in the global gold market as it is the largest gold market in Asean [the 10-member Association of Southeast Asian Nations] and is within the top ten consumer markets in the world,” says Andrew Naylor, head of Asean, at the World Gold Council. “As Vietnam’s financial system grows, there is an opportunity to develop the gold market, helping to increase access and trust in gold.”