Vietnam needs 50 tonnes of gold yearly for jewellery

Tue Apr 21 2026

Vietnam requires about 50 tonnes of gold annually as raw material for jewellery production, equivalent to around USD 5 billion a year, industry representatives have said.

The Vietnam Gold Business Association has submitted recommendations to the government, urging policy changes to ease access to gold supplies for manufacturing and exports.

According to the association, average demand for gold used in jewellery production is about 50 tonnes per year, equal to roughly USD 5 billion (around USD 416 million per month). About half of this output is consumed domestically, while the remaining 25 tonnes is exported, generating an estimated USD 3.5 billion to USD 4 billion in revenue.

The association proposed allowing businesses to import raw gold based on contracts with overseas suppliers, with transactions registered through commercial banks, similar to other manufacturing sectors such as textiles and mechanical engineering.

Enterprises would only need to present import documentation to banks to complete transactions, under the suggested mechanism.

The group argued that importing gold for production would not only meet domestic demand but also help generate foreign currency through exports, offsetting

the cost of imports.

It added that the required foreign currency demand, averaging USD 416 million per month, is modest compared with daily foreign exchange turnover of around USD 1 billion to USD 1.2 billion, and should be within the capacity of commercial banks without significantly affecting market stability.

The association also noted a lack of clear regulations governing the mobilisation of gold held domestically by individuals, which it said has led to underutilised resources.

It called for specific guidelines to enable businesses to mobilise and purchase gold from the public as production input, including allowing companies to borrow gold from individuals at mutually agreed interest rates in line with civil law.

Source: https://dtinews.dantri.com.vn