Government moves to tax income from gold to deter speculation

In a comment on Personal Income Tax Law amendment, the government instructed the Ministry of Finance and State Bank of Vietnam to implement this change.

There has been a lot of volatility in gold prices in recent weeks.

Customers look at gold jewelry in a shop in Ho Chi Minh City, February 2025. Photo by VnExpress/ Quynh Tran

Saigon Jewelry Company gold bullion rose this month to VND135 million (US$5,116.65) per tael of 37.5 grams, which was around 17% higher than global prices, before falling back to VND131 million.

Profits from buying and selling gold has never been taxed in Vietnam. Analysts said taxing gold would create a level playing field for all asset classes.

Prime Minister Pham Minh Chinh had ordered strict measures against market manipulation and hoarding that drove up gold prices in the country.

Since Sep. 9 the Government Inspectorate, the Ministries of Industry and Trade, Finance and Public Security and the State Bank have been scrutinizing credit institutions and enterprises for compliance with regulations related to gold trading, anti-money laundering invoicing, and others.

Gold prices have risen by 56% in Vietnam this year after gaining 14% last year.