In its recent report, the World Gold Council said demand for gold in Vietnam shrank 9% in the second quarter year on year due to the economic difficulties.

Authorities in the southern border province of An Giang announced on Sunday that they had seized 14 more kilos of gold while investigating a local gold smuggling ring. Police have also detained five people involved in the case.

Nguyen Thi Hoa set up a closed gold smuggling ring, where members were all relatives of the family. The ring operated mostly in Lao Bao, an area bordering Laos.

The Ministry of Public Security (MPS) and local police have recently detected the smuggling of gold, weighing several kilograms to several tons, across border gates.

Demand for gold in Vietnam fell by 12 percent in the first quarter of this year compared to the same period of 2022, according to the World Gold Council's latest report.