Investments

Can Selling Gold Bars Worth 1 Billion VND with Only 1 Million VND in Taxes Curb Speculation?

Experts suggest that a 0.1% tax rate on the transfer price of gold bullion transactions is a reasonable and fair approach. This proposed tax structure aims to balance revenue generation with market stability, ensuring minimal impact on investors while contributing to fiscal objectives.

Administrator

5 October, 2025

The draft of the Personal Income Tax Law (replacement), currently being finalized by the Ministry of Finance for submission to the 10th session of the 15th National Assembly, proposes a 0.1% tax on the transfer price for gold bar transactions. Meanwhile, transactions involving raw gold and gold jewelry are exempt from taxation. The draft law also suggests that the National Assembly authorizes the Government to determine the implementation timeline.

This information has garnered significant attention from the market and the public, particularly as the prices of SJC gold bars and gold rings have been on a continuous upward trend.

In an interview with Nguoi Lao Dong Newspaper on October 4th, financial expert Phan Dũng Khánh noted that the Ministry of Finance’s proposal for personal income tax on gold bar transfers mirrors the tax applied to securities. Buyers will not be taxed until they sell, preventing double taxation.

Gold bar transactions are proposed to be taxed similarly to securities.

Mr. Phan Dũng Khánh pointed out that individuals transferring real estate currently pay a 2% tax on the transaction value, while securities are taxed at 0.1% on each transfer. Therefore, the proposed tax rate for gold transactions is reasonable.

“Initially, a 0.1% tax on each gold bar transaction is proposed, but regulatory bodies may adjust this rate based on market conditions. Taxation will influence the psychology of gold buyers and sellers, curbing speculative activities to some extent. However, to effectively reduce gold speculation, a comprehensive set of measures is necessary,” Mr. Khánh analyzed.

Another economic expert opined that a 0.1% tax on gold transactions, similar to securities trading, is fair. “However, for gold accumulated by individuals over many years, a symbolic tax rate of 0.05% should apply when they sell. The challenge lies in distinguishing between long-term gold holders and short-term traders. Taxation is just one of many measures needed to combat gold speculation,” the expert added.

Some argue that the proposed tax rate is insufficient to deter speculation and short-term trading. Calculations show that a 0.1% tax on a 1 billion VND gold bar sale would result in only 1 million VND in tax—a negligible amount compared to the profits speculators can make within days.

Previously, in Resolution 278 dated September 13th regarding legislative activities in September, the Government emphasized that the amended Personal Income Tax Law should clearly define income from gold trading as taxable. This aims to enhance market transparency and curb gold speculation. The Ministry of Finance is tasked with collaborating with the State Bank to unify this content in the draft law.

The State Bank announced that Decree 232/2025/NĐ-CP, amending and supplementing regulations on gold business management, will take effect on October 10th. This decree ends the state monopoly on gold bars, allowing more entities to produce gold bars if they meet the criteria. It also expands the list of entities permitted to import raw gold, increasing the legal supply for the market.

According to the State Bank, the primary goal is to ensure a plentiful, transparent, and diverse gold supply for the public. With more businesses participating, market competition will increase, costs will decrease, and the price gap between domestic and international gold prices will narrow.

Thái Phương

– 17:04 04/10/2025