Vietnam exports 7 tons of gold jewelry last week: gold traders

Vietnam exported about 5-7 tons of gold in form of jewelry for $300 million last week, the online newspaper Lao Dong reported, citing Ho Chi Minh City based gold-trading companies.

The exporting turnover may rise further this week as long as the gap between global and domestic gold prices still range between VND400,000 and VND500,000/tael, gold traders said.

Exporting trend also explains why gold shops have kept on purchasing gold from the public when gold prices hit a fresh all-time high of VND 39 million/tael, local media reported, adding that a gold shop even spent all of their cash to buy gold.

Earlier, the online newspaper Sai Gon Tiep Thi reported that local firms find it harder to export gold due to Government’s stricter requirements and higher tax rates.

A gold exporter who exported over a ton of gold jewelry in June shared that she must ensure 98.5% of gold purity to enjoy 0% tax rate, adding that she can’t also process heavy gold jewelry including big neglaces and bracelets.

Besides, bracelets for export must be thinner, lighter with more sophisticated designs, otherwise they will be categorized as “semi-finished gold products” which’s imposed 10% tax rate. – Stoxplus.com

Tags: vietnam gold, Vietnam gold exports, Vietnam gold market