CaliToday (14/9/2025): The Vietnamese government has announced a significant policy shift, issuing a new directive that will bring profits from gold trading transactions under the purview of Personal Income Tax (PIT). This move is part of a broader, concerted effort to enhance the transparency of the domestic gold market and rein in the speculative activities that have recently contributed to price volatility.
The directive signals the government's increasing determination to formalize a sector that has long been a traditional, and often informal, store of wealth for millions of Vietnamese citizens. By introducing a tax on the gains made from buying and selling gold, authorities aim to achieve two primary objectives.
First, the policy is designed to increase market transparency. Requiring transactions to be documented for tax purposes will help track cash flows within the economy and bring more of the gold market's activity into the formal financial system. This measure is also seen as a tool to combat potential money laundering and tax evasion.
Second, the tax is intended to curb speculation. In recent times, the Vietnamese domestic gold market has experienced significant price fluctuations, with local prices, particularly for SJC-branded gold bars, often showing a substantial premium over international rates. This volatility has been partly fueled by speculative trading, where investors buy and sell gold over short periods to profit from price changes. The introduction of an income tax on these profits will reduce the net return on such activities, thereby disincentivizing short-term, speculative behavior and encouraging a shift towards more stable, long-term investment.
While the government has announced the directive, key details regarding its implementation are still forthcoming. Crucial aspects that the market and public are keenly awaiting include:
The specific tax rate that will be applied to the profits.
The tax calculation method, including how the cost basis (original purchase price) will be determined and proven.
Any potential tax-exempt thresholds, which would protect small-scale savers and only target larger-scale traders.
The mechanism for collection and enforcement, outlining the responsibilities of both the seller and the gold trading enterprises.
This new policy represents one of the most direct interventions by the government to stabilize the domestic gold market in recent years. It follows other administrative measures, such as increasing the supply of gold bars and conducting inspections of gold trading businesses. The effectiveness of this tax in achieving its stated goals will largely depend on the clarity of the forthcoming regulations and the government's capacity to enforce them across thousands of gold shops nationwide. Analysts believe that if implemented effectively, this policy could mark a pivotal moment in the modernization and regulation of Vietnam's gold market.