Gold bars at a store in Ho Chi Minh City. Photo by VnExpress/Quynh Tran
The Ministry of Finance said the 0.1% tax on gold bar transactions, set to take effect on July 1, is designed to curb speculation and stabilize the market without harming legitimate interests.
“This is a necessary step to help limit gold speculation and stabilize the market,” the ministry said in its response to the National Assembly’s Committee for People’s Aspirations and Supervision.
The clarification follows concerns raised by Ho Chi Minh City’s Delegation of National Assembly deputies, which warned the tax could affect citizens’ legitimate rights, increase transaction costs and risk unsettling the gold market.
Gold prices have fluctuated sharply in recent years, with the gap between domestic and international prices at times reaching VND20 million (US$755). Authorities have introduced a range of measures, including intensifying inspections, to address volatility and narrow the disparity.
Last October, the state monopoly on gold bar production was removed as part of efforts to liberalize the market and enhance competition.
The government has also instructed relevant agencies to establish trading floors for crypto assets, gold and real estate before the end of February, with the central bank tasked with developing a regulatory framework for a gold exchange aimed at improving transparency.
In a directive dated Feb. 8, Prime Minister Pham Minh Chinh asked the bank to complete research on measures to mobilize foreign currency and gold held by citizens for economic development.
