The Department of Finance proposed removing the 1% export duty on gold ornaments in a preliminary regulation to reduce expenses for companies and enhance their competitiveness.
According to the regulation regarding import-export duties that it has presented to the government, it mentioned that removing the tax would also motivate companies to utilize their gold stocks for producing more valuable items due to constrained availability and increasing costs of the rare metal.
Global gold prices averaged an increase of 38-39% compared to the same period last year during the first quarter of 2025, as reported by the World Gold Council.
In Vietnam, they are
almost VND20 million (US$789) per tael of 37.5 grams, which is above international prices
.
Starting from 2012, no businesses have received permission to import gold for crafting jewelry, with all supplies coming solely from within the country.
The ministry stated that this has caused an increase in jewelry prices, which has lowered domestic demand and made it less competitive globally.
The reduction in taxes is projected to result in a loss of approximately $3.3 million per year for the government’s revenue.
