As God of Wealth Day (the 10th day of the first lunar month, February 26 this year) approaches, the gold market has entered its most vibrant peak season. Despite prices hovering at record highs, people are flocking to buy gold for...
Under the proposal, sellers would be required to pay tax based on the total transfer value of each deal, regardless of whether the transaction results in a profit or a loss.
In a Government Office document issued on Monday, Permanent Deputy Prime Minister Nguyễn Hoà Bình requested inspections on compliance with policies and laws for credit institutions and enterprises in gold trading activities.
The move followed a warning issued the same day by SJC regarding counterfeit websites and Facebook pages which are impersonating its brand to deceive consumers.
The State Bank of Vietnam said it will monitor gold markets closely and coordinate with agencies to manage and stabilise the market within its authority.
Gold buyers must exercise caution and try to pick the right time to buy or sell to avoid incurring losses and minimising risks as the prices of the precious metal can go lower in the short term.