Vietnamese gold market 'is promising'

Much good work has been done in opening up the Vietnamese gold market, according to one expert.

Speaking at a seminar in Ho Chi Minh City yesterday (April 24th), Albert Cheng of the World Gold Council (WGC) said that gold traders "should be proud" of the government and the state bank for their role in freeing up the sector, Thahn Nien News reports.

Despite this, he said more could be done to make the market more liberal. However, he pointed out that the Vietnamese have a much closer link with gold bullion that people in the west.

"The Vietnamese know about gold, you know gold in your blood," he remarked, adding: "You know that when you want to preserve your wealth, to preserve your assets, you put it in gold."

Indeed, the latter point is something that could apply to gold investors elsewhere - the yellow metal has seen a flurry of interest in recent times as those troubled by the ongoing credit crisis seek to store their wealth in a safe haven.

A recent report from the WGC suggested that bullion is continuing to show less volatility than other types of asset, with gold investments outperforming both bond and equity markets in the last three months.

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