Vietnam was the only Southeast Asian country to record a drop in gold bar and coin sales in 2025, with volumes falling 14% year on year to 36.1 metric tons, despite strong consumer demand.
According to the World Gold Council, Vietnam’s gold trading contracted for a sixth straight quarter in the final quarter of 2025, sinking to its lowest level in nearly five years. Supply shortages were cited as a key factor behind the decline.
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A gold bar. Photo by VnExpress/Quynh Tran |
It said supply constraints were partly to blame. A shortage of gold bars and a surge in demand for 24K rings drove prices up sharply, widening the gap with global rates. Bullion prices rose by 81% last year and 25% so far this year.
Demand for bars and coins in most ASEAN member countries leaped to multi-year highs, it added. Thailand led the region in gold bar and coin purchase at 51.4 tons, a 29% increase. Indonesia, Malaysia and Singapore reported growth of 29%, 37% and 48%.
The State Bank of Vietnam said recently that Vietnam is not a gold producer and relies mainly on imports, leading to limited supply since foreign currency is prioritized for more essential needs.
Last year the government decided to allow private gold producers who meet certain capital requirements, but has so far issued no licenses.
Globally gold demand rose by 1% to 5,002 tons, a new record, as prolonged geopolitical and economic uncertainty drove strong capital into the safe-haven metal.
