Several National Assembly delegates argue that imposing a 0.1% tax on citizens who purchase gold as a savings or investment is unreasonable. The regulation should clearly differentiate between speculative activities and personal savings to avoid penalizing those who buy gold for long-term financial security.
Legislation must establish clear transaction thresholds to determine tax liabilities for gold sellers.
Trần Hữu Đang, CEO of AJC Jewelry Joint Stock Company, suggests that exempting savers while taxing investors could create tax inequities. In practice, individuals may claim to purchase gold for savings or gifts but intend to profit, while genuine savers may be forced to sell. “Regulators struggle to distinguish between investors and savers,” Đang notes.
He proposes a transparent trading mechanism, requiring bank-processed transactions with detailed receipts showing prices and personal information. Sales exceeding 500 million VND would be taxed at 0.1%, regardless of profit or loss. Banks would report data to the State Bank, aiding tax authorities in assessing individual liabilities.
Nguyễn Văn Được, CEO of Trong Tin Tax Consulting, highlights the impracticality of taxing buy-sell margins due to historical undocumented purchases. Without verifiable cost bases, tax authorities cannot accurately calculate taxable income.
Được explains that while gold was once considered currency (exempting sales from tax), it is now classified as a commodity. Selling gold is akin to transferring assets like stocks or secondary properties, necessitating taxation regardless of profit or loss to ensure fairness.
To protect genuine savers, Được advocates for clear transaction thresholds. “Exceeding these thresholds would classify sellers as investors subject to tax, while smaller savings-oriented transactions should remain exempt,” he concludes.
Latest Developments After Two Weeks of Implementing the Regulation on Gold Transactions Over 20 Million VND via Bank Transfer
Unlock the elegance of gold rings and jewelry without payment hurdles. For purchases exceeding 20 million VND, credit cards, vouchers, and e-wallets are not accepted. Experience seamless luxury with alternative payment options tailored for your convenience.
Secretary-General To Lam Meets with Chairman of the Board of Murphy Oil Corporation
Secretary-General Tô Lâm warmly welcomed the visit of Murphy Oil Corporation’s leadership to Vietnam, marking a significant milestone during the 30th anniversary of normalized relations between Vietnam and the United States.
New Gold Transaction Regulations: Unaware Buyers Risk Violations
New regulations governing gold transactions through bank transfers are now in effect.
Golden Enterprises Revamp Transaction Processes to Align with New Regulations
Following the enactment of Decree No. 232/2025/NĐ-CP by the Government, effective from August 26, 2025, and Circular No. 34/2025/TT-NHNN guiding certain provisions of Decree No. 24/2012/NĐ-CP dated April 3, 2012, on the management of gold trading activities, as amended and supplemented by Decree No. 232, leading precious metals enterprises such as Bảo Tín Mạnh Hải, SJC, and Phú Quý have issued significant adjustments to their gold and silver trading operations.
Finance Ministry Proposes 0.1% Income Tax on Gold Bar Sales
Following consultations with the State Bank of Vietnam, the Ministry of Finance has submitted a proposal to the Government, incorporating it into the draft Law on Personal Income Tax. This proposal mandates the imposition of personal income tax on transactions involving the transfer of gold bars. The initially suggested tax rate stands at 0.1% of the transfer value.
