Dr. Nguyen Duy Quang from the University of Economics and Finance (UEF) in Ho Chi Minh City shared his insights with Nguoi Lao Dong Newspaper regarding the proposed taxation on gold bar transactions, a topic currently attracting significant attention.
+ Reporter: Do you think imposing personal income tax on gold bar transactions will effectively curb speculation or increase costs for individuals who traditionally store gold?
Dr. Nguyen Duy Quang
A 0.1% tax on the total transaction value will undoubtedly increase transaction costs, thereby reducing the profit margins for short-term speculators and day traders. Since the tax is directly proportional to the transaction volume, speculators must carefully consider their potential gains and losses before acting, which helps mitigate the sensitivity of hot money flows into gold.
However, for small-scale savers who do not engage in trading, this additional cost remains, despite their actual profits being negligible.
+ The Ministry of Finance plans to specify the threshold for taxable gold bar transactions, exempting individuals who buy and sell gold for savings purposes (not for business). What do you consider a reasonable transaction value threshold for taxation?
A reasonable tax threshold should be based on the average transaction volume and value per capita over a defined period (quarterly or annually). For instance, 10 taels of gold per person per quarter could serve as a reference point, as amounts below this typically fall under traditional savings. This threshold should also be periodically adjusted to reflect gold price fluctuations and inflation rates, ensuring it remains effective in categorizing different groups.
Illustrative image: Gemini – V.Vinh
In other words, a reasonable criterion for determining the tax threshold should be based on the average gold transaction volume per household (e.g., 5-10 taels per month), combined with the nature of the transactions (frequent buying and selling within a period) and the proportion of transactions exceeding the threshold relative to the individual’s total financial assets.
In addition to absolute volume, transaction frequency criteria can be applied: taxation only occurs when the total value exceeds the threshold and the number of transactions within the period surpasses a specified limit (e.g., more than 5 transactions per quarter). This approach combines both quantitative and behavioral aspects, minimizing the likelihood of small-scale savers being taxed unfairly for occasional sales. Thus, only transactions with clear speculative intent would be taxed, while practical small-scale savings would remain exempt.
+ Could setting a tax threshold lead to transaction splitting or using others’ names to avoid taxation?
Currently, regulations require any individual transaction exceeding 20 million VND to be conducted via bank transfer linked to their citizen identification number, allowing tax authorities to automatically cross-check. This measure aims to curb cash-based transactions while holding both buyers and sellers accountable. The cash limit for transactions below the threshold protects small-scale savers, but transactions above the threshold must be disclosed through bank transfers.
Additionally, regulations mandate the recording of serial numbers on each gold bar at the point of sale, stored in a centralized electronic ledger. During transactions, sellers must provide the serial number, which is cross-checked against the ledger to determine the total transaction volume.
Combining both approaches, transactions below the threshold can still be conducted in cash without electronic ledger updates, while transactions above the threshold require bank transfers and serial number updates. Blockchain technology can also be employed to record ownership chains, prevent counterfeiting, and deter disguised splitting. This mechanism simplifies processes for ordinary citizens while effectively preventing speculation and transaction splitting across multiple names.
Two Strategic Measures
Dr. Nguyen Duy Quang also suggests implementing a progressive tax mechanism based on holding periods. Transactions occurring after 12 months from the purchase date would be subject to a lower tax rate, encouraging long-term savings and reducing short-term speculation.
Simultaneously, developing a digital gold market on a blockchain platform, where physical gold bars are certified by the state or financial institutions and tokenized, would enhance transparency and traceability while reducing storage and physical verification costs. Integrating tax policies within a modern financial and monetary framework would support the healthy development of the traditional gold market.
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