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Investment gold demand plunged 31% year-on-year to 6.5 tonnes, according to the World Gold Council. Vietnam ranked third in sales behind Indonesia (14.5 tonnes) and Thailand (10.9 tonnes).

“Vietnamese demand weakened as lower local prices undermined sentiment and constrained import quotas distorted market conditions, keeping the local price premium discouragingly high,” the council said in its latest report.

Vietnam gold bar price has fallen 7.7% year-to-date, and down 26% from the all-time peak achieved in the end of January.

In the first half bar and coin sales totaled 15.6 tonnes, lower than Indonesia (38.1 tonnes) and Thailand (20.9 tonnes).

In jewelry demand, Vietnam also posted the region’s largest year-on-year drop at 28% to 1.8 tonnes.

Indonesia in the second quarter emerged as one of the fastest-growing gold markets in the world with demand surging 40% year-on-year.

Thailand recorded its strongest second quarter since 2019 as the correction in the local gold price encouraged bargain hunting.

Southeast Asia, comprising Indonesia, Malaysia, Singapore, Thailand and Vietnam, saw gold bar and coin sales reaching 36.7 tonnes in the second quarter, up 7.6% year-on-year.

Global demand for bars and coins for the second quarter dropped 3% to 307.1 tonnes.