A person holds a tael of gold at a jewelry shop in Ho Chi Minh City. (Photo: VnExpress/Quynh Tran)

Last year consumer demand in Vietnam was 39.8 tons, higher than Indonesia’s 37.6 tons and Singapore’s 9.4 tons, according to the World Gold Council (WGC).

Gold is the top asset class for 68 percent of Vietnamese investors, it said citing a study of 2,000 investors in March last year.

The outlook for the precious metal is positive with 81 percent of people who bought gold in the past considering buying more, nearly twice the global average of 45 percent.

Seventy six percent supported opening a gold investment account at banks to formalize the gold market. Currently most buy gold at shops.

"Research shows demand for gold in Vietnam is strong and there is support to develop new investment products such as buying gold through digital platforms or opening a gold investment account," Andrew Naylor, director in charge of ASEAN at the World Gold Council, said.