A different perspective on Vietnam’s economy and doing business in Vietnam. Make sure to  subscribe.

Price of gold rings in Vietnam highest this year

Gold rings have hit their highest price this year at VND 58 million (US$2,385) a tael (37 grams) CafeF is reporting.

Why it matters: Gold is a popular investment in Vietnam seen as a secure place to store wealth, particularly for older Vietnamese. In this respect the local gold price, which is usually about 10 percent higher than the world gold price, can often be an indicator for wider consumer sentiment toward the domestic economy. Erog, these higher prices might suggest that consumers in Vietnam lack confidence in the local currency (which has been on a steady slide against the greeback) and banks which have lowered deposit interest rates considerably in recent weeks.

If you would like to see more posts like this, please let me know by making a contribution.

Latest news...

Get Vietnam news sent straight to your inbox

advertising enquiry