Page 20 - Bullion World Volume 04 Issue 07 July 2023

Bullion World | Volume 3 | Issue 7 | July 2023

Mr Huynh Trung Khanh, Vietnam 1. The production and sales of
Gold Traders Association, gold jewellery (including 24 ct.
Vietnam: gold investment products) were
The presentation focused on completely liberalized.
the Vietnam gold market update 2. The production and sales of gold
covering the demand and supply tael bars are still conditional
technicalities. Going by the industry and need to be licensed by the
estimates during the first 6 months SBV, although the conditions for
of 2023, total gold demand would licensing were more simplified
be around 27 tonnes (with Jewellery and relaxed.
Consumption at 8 tonnes and Retail 3. Gold raw material imports were
Investment at 19 tonnes). This is only granted for manufacturing
a decrease of 20 % YoY basis due gold jewellery destined for
to slower economic growth but still exports by foreign-invested
ranking ahead of the Indonesian and enterprises.
Mr Huynh Trung Khanh
Thai gold markets demand in 23H1.
The Vietnam Gold Traders
Demand for gold tael bars and other Association has collaborated with
forms of retail gold investments, the SBV forex department. Jewellery
such as chi rings, and gold emblems products are considered to be
is estimated at around 69% of the normal commercial products. There
total off-take. is an authorization for the production
The current gold management policy and sale of other gold tael bar
as regulated by Decree 24: brands besides the SJC bar.

Mr Sahat Pangabahan, must be implemented.
PT Pegadaian, Mr Sahat laid down the further
Indonesia, although being the 7th execution for the products and
largest producer of gold globally, has services catered which are as
very low domestic demand, which follows:-
has prompted the government to 1. Dore financing: Offer dore
step in to concentrate on the gold financing to upstream
ecosystem within Indonesia. 2. Unallocated Account: Introduce
The need for re-regulation in taxes gold savings plan, fix deposit
is looked at by the government, and and accumulated plan to retail
not export all the gold produced. The customer
government has started an initiative 3. Gold metal loans: Finance
to promote gold as an asset class, downstream players through
which is a big challenge as well as a gold metal loans
huge opportunity for market access. 4. Gold Backed Financing: expand Mr Sahat Pangabahan
For this, the financial system must gold backed financing to retail
be enhanced, and particular actions HNWI and non-retail

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