HÀ NỘI — The Ministry of Finance has defended its plan to impose a 0.1 per cent tax on gold bar transactions from July 1, 2026, saying the measure is designed to curb speculation and stabilise the market without harming legitimate interests.

Under the new Personal Income Tax Law No. 109/2025, adopted by the National Assembly, a 0.1 per cent tax will be levied on each transfer of gold bars. The Government will set value thresholds to exempt individuals purchasing gold for savings rather than speculative purposes.

The clarification follows concerns raised by the HCM City National Assembly delegation, which warned the tax could affect citizens' legitimate rights, increase transaction costs and risk unsettling the gold market.

"The regulations were thoroughly reviewed and approved by the majority of National Assembly deputies," the ministry said in its response to the National Assembly's Committee on People's Petitions and Supervision. "This is a necessary step to help limit gold speculation and stabilise the market."

Threshold under study

Lưu Đức Huy, deputy head of the Department for Management and Supervision of Tax, Fees and Charges Policies, said the ministry is drafting a decree to guide implementation of the law, with submission to the Government planned for April.

The ministry is working with the State Bank of Vietnam and other relevant agencies to determine the taxable threshold, which will be specified in the decree.

According to officials, the threshold is intended to distinguish between small-scale savers and speculative traders. Experts note that this poses challenges because gold holdings often originate from gifts, inheritances or dowries and typically lack the formal ownership documentation associated with assets such as real estate.

Gold prices have fluctuated sharply in recent years, with the gap between domestic and international prices at times reaching VNĐ20 million (US$755). Authorities have introduced a range of measures, including stepped-up inspections, to address volatility and narrow the disparity.

From October 10, 2025, the State monopoly on gold bar production was removed as part of efforts to liberalise the market and enhance competition.

The Government has also instructed relevant agencies to establish trading floors for crypto assets, gold and real estate before February 28, with the State Bank of Vietnam tasked with developing a regulatory framework for a gold exchange aimed at improving transparency.

In a directive dated February 8, Prime Minister Phạm Minh Chính asked the central bank to complete research on measures to mobilise foreign currency and gold held by citizens for economic development. — BIZHUB/VNS