Gold jewellery demand in Vietnam fell by 15 percent year-on-year to 3.5 tonnes in Q1 2025, though it rose 5 percent from the previous quarter, according to the World Gold Council (WGC) Gold Demand Trends: Q1 2025. Bar and coin investment demand also dropped by 15 percent year-on-year to 12 tonnes, despite a 46 percent quarter-on-quarter rise.
However, gold demand figures, especially for bar and coin investment, are primarily based on actual sales volumes from retail outlets, wholesalers, refineries, and import/export data. If people want to buy gold but cannot—because of supply constraints or regulations—that unmet demand is not counted. It only shows up if a transaction happens.
In Vietnam’s case for Q1 2025:
- Gold bar and coin demand dropped 15 percent year-on-year.
- But the report notes this was not necessarily due to lack of interest—instead, limited product availability and rising local premiums were key constraints.
- This means there was likely hidden demand that wasn’t recorded because sales couldn’t occur.
That is to say, the methodology is supply-constrained: if there’s no gold to buy, or if people are blocked from purchasing it, then that demand isn’t reflected in the data. This can make actual investor interest look lower than it really is.
Just to add some additional context, there were reports last month that some gold stores were limiting gold purchases to just one-tenth of a tael.
See also: The Gold Price in Vietnam: Explained