HÀ NỘI — The Government has issued Resolution No 278/NQ-CP, which includes a key directive to draft a replacement Law on Personal Income Tax (PIT), led by the Ministry of Finance, incorporating provisions on taxing income from gold transactions.
The most notable instruction is to bring income from buying and selling gold within the scope of PIT. The policy aims to improve market transparency and curb gold speculation. The Government assigned the Ministry of Finance to coordinate with the State Bank of Việt Nam to include this content in the draft replacement PIT Law.
According to General Director of Trọng Tín Tax Consulting Nguyễn Văn Được, gold business activities in Việt Nam are already subject to several taxes, including import duty, value-added tax and corporate income tax. By contrast, lawyer Nguyễn Đức Hùng of the Hà Nội Bar Association pointed out that individuals who buy and sell gold bullion currently faced virtually no taxes or fees. He said some people had taken advantage of this gap to buy large quantities of gold for speculation and hoarding, then sell at higher prices for profit.
Before Decree No. 232/2025/NĐ-CP (amending Decree 24/2012) on managing the gold business takes effect on October 10, the State Bank alone conducts imports and exports of raw gold, and these are tax-exempt. Gold bullion, mainly used for hoarding, is not subject to value-added tax. Experts broadly agree that applying PIT to income from bullion transactions would deter speculation and help stabilise domestic gold prices.
