Gold Transaction Taxation: A Comprehensive Guide

During the September 2025 specialized legal construction session, the government issued Resolution 278, mandating the inclusion of income from gold trading under personal income tax. This significant change aims to “clean up” the market, curb speculation, and ensure fairness across investment channels.

Inequality Among Investment Channels

Currently, buyers of gold bars must pay a 10% VAT, already included in the selling price. Gold trading businesses remit this tax along with a 20% corporate income tax. However, individuals trading gold for profit remain exempt from personal income tax. This disparity creates an unfair tax burden, as stock investors face taxes on every transaction, while gold traders do not.

Experts argue this loophole enables large-scale speculators to buy and sell gold without tax obligations. Thus, the government’s call to tax gold transactions is well-founded.

Speaking to Người Lao Động newspaper, economist Dr. Nguyễn Trí Hiếu noted that many countries tax gold transactions. In principle, all income-generating economic activities should be taxed.

However, he suggests taxing profits rather than transaction values to avoid “double taxation.” Taxing transaction values would unfairly burden citizens, as they use post-tax income to buy gold, which would then be taxed again.

“Taxing the profit margin between selling and buying prices would be fairer,” Dr. Hiếu explained.

Taxing profits is also a logical tool to curb speculation. However, implementing this requires historical purchase data, which may not always be available. A progressive tax rate, similar to personal income tax, would be appropriate.

“Taxing gold not only increases state revenue but also reduces profits during gold price surges, effectively combating speculation, alongside stringent monitoring measures,” Dr. Hiếu added.

Mrs. Nguyễn Thị Phượng, former Deputy CEO of Agribank, noted that Decree 232/2025 amends Decree 24/2012/NĐ-CP, allowing qualified businesses and banks to produce and trade gold bars.

The State Bank could establish a national gold trading platform, listing both physical and digital gold with clear transaction codes, production details, and prices. This would enable tax authorities to accurately determine taxable profits.

However, taxing long-held gold without purchase records is impractical. Mrs. Phượng suggests exempting such transactions to avoid rigid enforcement.

Reasonable Tax Rates

Assoc. Prof. Nguyễn Hữu Huân of the University of Economics HCMC supports taxing gold transactions, as gold is both a store of value and a speculative tool. With the expanded legal framework under Decree 232/2025, market oversight is crucial.

Incorporating taxation into gold trading, like in securities or real estate, would promote market health and reduce speculative volatility. “A low, reasonable tax rate would increase revenue, curb speculation, and avoid burdening legitimate savers,” he emphasized.

Beyond taxation, stabilizing the gold market is vital. Dr. Nguyễn Duy Quang of the University of Economics and Finance HCMC sees a national gold exchange as essential.

A modern, internationally linked exchange would align domestic gold prices with global markets, reduce exchange rate costs, and attract foreign capital. It would also ensure transparent, internationally compliant trading, integrating Vietnam into the global gold supply chain.

“The exchange should leverage blockchain and eKYC for secure, efficient transactions. It would serve as a key financial tool for the State Bank to regulate the market and protect stakeholders,” Dr. Quang stated.

Dr. Nguyễn Tuấn Anh of RMIT University Vietnam believes Decree 232/2025, ending SJC’s gold monopoly, requires additional measures for market stability. Short-term steps include State Bank gold auctions and direct sales through commercial banks, as in 2024, to boost supply.

Transparent import quotas, zero export taxes on jewelry, and a national gold exchange would enhance transparency, stabilize the macroeconomy, and curb inflation and forex risks.

A Vietnam Gold Business Association leader expects that exchange-traded gold with invoices will ensure transparency, aiding stable market development. Businesses trading gold bars on the exchange would ensure legal sourcing, while tax authorities could accurately calculate personal income tax.

Digital gold transactions, without physical delivery, would further simplify profit-based taxation, reduce imports, and stabilize forex reserves and exchange rates.

The State Bank emphasizes that the national gold exchange under Decree 232/2025 will tighten market control and reduce speculative risks affecting exchange rates.