Page 10 - Bullion World Volume 4 Issue 7 January 2024

Bullion World | Volume 4 | Issue 7 | July 2024

from the WGC and Metal Focus. Vietnam led Asian
markets in physical gold demand, followed by Indonesia
at 45.3 tonnes and Thailand at 42.1 tonnes”

For the first half of 2024, Vietnam's gold demand would
reach 33 tonnes, a 10% year-on-year increase. He
projected the demand for 2024 to be 65-70 tonnes,
driven by high retail investment demand due to
decreased savings interest rates, a frozen real estate
market, currency devaluation, and high inflation rates.
In May 2024, domestic gold prices hit an all-time high,
prompting the State Bank of Vietnam (SBV) to organize
gold bar auction sessions, releasing nearly 50,000
gold tael bars to the market. "Gold bars have become
a major investment channel in Vietnam, Since April
2024, the SBV has organized nine auction sessions,
providing 48,500 SJC tael bars to retail consumers.
From June 3, 2024, the SBV also supplied SJC tael bars
at lowered premiums to major banks and SJC Gold Co

Mr Huynh Trung Khanh for direct sales to the public. “The SBV is now selling 2
tonnes of gold per week through auctions. Additionally,
the Vietnam Gold Traders Association (VGTA), with
Vice Chairman, Vietnam Gold Traders Association support from the WGC, is working with the SBV on policy
– Vietnam changes, including revising Decree 24, liberalizing gold
"In 2023, Vietnam's gold market saw a total demand production and sales, and establishing a national gold
of 55 tonnes, with retail investment at 40.4 tonnes and exchange.
jewellery consumption at 15.1 tonnes according to data

Mr Ermin Siow
Advisor, Federation of Goldsmiths and Jewellers
Association Malaysia (FGJAM) – Malaysia
Providing a comprehensive update on Malaysia's
gold market dynamics at APPMC 2024 the speech
highlighted the stable demand for gold over the past four
years, with total consumption remaining just below 20
tonnes, encompassing both jewellery and physical gold
investments.

Mr Siow addressed key industry issues, including the
pending implementation of the High-Value Goods
Tax (HVGT) and the upcoming rollout of e-invoicing,
which may initially affect consumer demand but are
expected to benefit retailers in the long run. He also
outlined significant opportunities such as the flexible
EPF withdrawals introduced in May 2024, potentially
unlocking billions in consumer spending, and the
anticipated pay rise for civil servants by December 2024,
which could further stimulate economic activity and
boost the retail sector. The speech highlighted Malaysia's
ongoing resilience and strategic initiatives in navigating Mr Ermin Siow
regulatory challenges and leveraging opportunities for
growth in the gold market.

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