Vietnam to hold off taxing gold bullion transfers pending government rules

The Law on Personal Income Tax No.109/2025/QH15 takes effect from July 1. The Ministry of Finance (MoF), however, has clarified that personal income tax will not yet be collected on gold bullion transfers, as implementation will await detailed regulations issued by the government.

According to the MoF, several media outlets and social media platforms have reported that, under the Law on Personal Income Tax No.109/2025/QH15, transactions involving gold bullion would become subject to a personal income tax of 0.1 per cent of the value of each transfer starting July 1, 2026.

“Such an interpretation is inaccurate,” the MoF said on June 30.

The Law on Personal Income Tax No.109/2025/QH15 was passed by the 15^th National Assembly at its 10th session last December and comes into effect on July 1, 2026. The law classifies income derived from gold bullion transfers as taxable income.

However, the law authorises the government to determine the taxable value threshold for gold bullion transactions, the timing of tax collection and any adjustments to the personal income tax rate on gold bullion transfers in line with the roadmap for managing Vietnam's bullion market.

Regarding provisions included in the draft government decree detailing several articles of the law and measures for implementing personal income tax on gold bullion transfers, the MoF said on May 29 it submitted an Official Letter to the Government Portal, requesting publication of its explanatory report and responses to public comments on the draft decree.

The ministry also submitted Proposal No.295/TTr-BTC dated May 19, and Official Letter No.8454/BTC-CST dated June 19 to the government, reporting its responses to comments from Cabinet members. In those submissions, the MoF proposed that the draft decree should not yet provide detailed regulations on taxing gold bullion transfers, arguing that a comprehensive legal framework covering tax policy and tax administration for gold trading activities should be developed first.

Accordingly, the MoF is working with the State Bank of Vietnam and other relevant agencies to draft a government decree governing tax policy and tax administration for gold trading activities.

The decree is expected to cover VAT, corporate income tax and personal income tax, including personal income tax on gold bullion transfers, while applying appropriate rules for different categories of businesses and individuals engaged in gold trading or transfers, including transactions conducted through a gold exchange if established.

The move is intended to ensure consistency with other recently enacted or revised legislation, including the Law on Investment, which has removed business licensing requirements for jewellery and fine art gold products, as well as amendments currently being prepared by the SBV to Government Decree No.24/2012/ND-CP dated April 2012 on the management of gold trading activities. It is also intended to align with the roadmap for establishing a gold exchange.

Earlier, on December 10, 2025, at the 10^th session of the 15^th National Assembly, lawmakers approved the revised Law on Personal Income Tax.

Key provisions of the revised law include raising the family circumstance deduction to $620 per month for taxpayers, maintaining the highest marginal personal income tax rate at 35 per cent, and introducing a 0.1 per cent tax on gold bullion transfers, among others.

The law stipulates a tax rate of 0.1 per cent on the value of each gold bullion transfer while authorising the government to determine the taxable value threshold, the timing of implementation and any adjustments to the tax rate in accordance with the roadmap for regulating the gold market.

Vietcombank begins selling gold bullion online Vietcombank began selling SJC-branded gold bullion online on June 12.

Gold bullion for sale online at two more banks State-owned commercial banks BIDV and Agribank have started selling gold bullion online.

Gold market to become more competitive as gold bullion monopoly ends Eligible banks and enterprises will be licensed to import raw gold and produce bullion — a function that, until now, has been exclusively assigned to a single entity.