The draft of the Personal Income Tax Law (replacement) being finalized by the Ministry of Finance to be submitted to the 15th National Assembly at the 10th session proposes a 0.1% tax on the transfer price for gold bullion transactions. Meanwhile, transactions of raw gold and 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, especially as the prices of SJC gold bars and gold rings have been rising consecutively in recent times.
In an interview with Nguoi Lao Dong Newspaper on October 4th, financial expert Phan Dũng Khánh stated that the Ministry of Finance’s proposal for personal income tax on gold bullion transfers is similar to that of securities. Buyers will not be taxed until they sell, to avoid double taxation.
Gold bullion transactions are proposed to be taxed similarly to securities.
Mr. Phan Dũng Khánh believes that individuals transferring real estate currently pay a 2% tax on the transaction value, while securities are taxed at a rate of 0.1% on each transfer. Therefore, taxing gold transactions at the proposed rate is reasonable.
“In the initial phase, a 0.1% tax on each gold bullion transaction is applied, but regulatory bodies may adjust it to align with market realities. Taxation will influence the psychology of gold buyers and sellers, somewhat curbing speculation. To reduce gold speculation, a comprehensive set of measures is necessary,” Mr. Khánh analyzed.
Another economic expert opined that taxing gold at 0.1%, similar to securities trading, is reasonable. “However, for gold accumulated by individuals over many years, a symbolic tax rate of 0.05% should be applied when they sell. The challenge lies in distinguishing between long-term gold holders and short-term traders. Taxation is just one of many synchronized solutions to combat gold speculation,” the expert said.
However, some argue that the proposed tax rate is insufficient to deter speculation and short-term trading. According to calculations, a 0.1% tax means that selling gold bullion worth 1 billion VND would result in a tax of only 1 million VND, a negligible amount compared to the profits speculators can make within a few days of buying and selling.
Previously, in Resolution 278 dated September 13th on legislative work in September, the Government emphasized that the amended Personal Income Tax Law should clearly stipulate that income from gold trading is subject to taxation. This aims to enhance market transparency and curb gold speculation. The Ministry of Finance was tasked with coordinating 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 certain regulations on gold business management, effective from October 10th, ends the state monopoly on gold bullion, allowing more entities to produce gold bullion if they meet the conditions. The decree 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 create an abundant, transparent, and diverse supply for consumers. With more businesses participating, the market will reduce monopolies, lower costs, and narrow the price gap between domestic and international gold prices.
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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.
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Implementing taxes on gold transactions marks a pivotal policy adjustment, aimed at fostering market transparency and curbing speculative activities.
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“There has been a debate on whether the personal income tax exemption should be based on regional minimum wages. However, this proposal has not gained the support of the Ministry of Finance. The Ministry argued that the legal regulation on personal exemptions should be unified across the country, regardless of income levels, consumption needs, or geographical differences.”
