A report by (WGC) showed that Vietnamese purchased 17.20 tonnes of gold in the first quarter of 2023, down by 2.40 tonnes compared to the same period last year.
World Gold Council head of Asia-Pacific (ex-China) Shaokai Fan said that Vietnamese people bought more gold during the Lunar New Year Festival then demand gradually fell in February and March as prices went up.
Phu Nhuan Jewellery Joint Stock Company (PNJ) reported net revenue of VND 9,753 billion in the first quarter of this year, which was a slight decrease compared to last year's figure.
Speaking at a meeting on April 27, PNJ's chairman Cao Thi Ngoc Dung said that they used to sell well during the first quarter as there are some occasions which drive demands including the Lunar New Year Festival, the Wealth God Day and Valentine's. However, sales were very slow this year.
"The market is currently very gloomy and it's likely to worsen," she said. "However, there is a 50 percent possibility that the demand may recover in the last three months of this year.
According to WGC, worldwide gold demand reached 1,174 tonnes in the first quarter of this year, an increase of one percent compared to the same period last year.
