Most Vietnamese invest, not speculate: Lawmakers do not want income tax on gold

By Phuong Dung October 13, 2025 | 08:05 pm PT

A person holds gold bars in Hanoi. Photo by VnExpress/Giang Huy

Lawmakers want the government to reconsider its proposed income tax on gold bullion, saying people do not buy gold for speculation.

Phan Van Mai, chairman of the National Assembly Economic and Financial Committee, said Monday that individuals who buy gold as investment and not for speculative purposes should be exempt from the Ministry of Finance’s recently proposed flat 0.1% tax on sale of gold bullion.

Some lawmakers have suggested establishing a minimum value threshold for the tax, he added.

The government last month tasked the ministry and State Bank of Vietnam with coming up with regulations for the tax to "enhance market transparency and curb gold speculation."

Last week the ministry recommended a 0.1% gold bar transaction tax. It will not apply to raw gold or jewelry.

Gold prices have been skyrocketing in recent months, reaching a record VND144 million (US$5,463.24) per tael of 37.5 grams Monday.

Vietnam ranked second in Southeast Asia in terms of bullion and gold coin demand in the second quarter at 9.5 tons, behind only Thailand’s 10 tons.