Finance Ministry proposes 20% export tax on gold

Vietnam’s Ministry of Finance has proposed an export tariff on several products, including 20% on gold, equal to that of precious metal ores.

The ministry made the proposal in an official dispatch, No. 15166/BTC-CST, which was sent to the State Bank of Vietnam (SBV) and concerned ministries and agencies on November 9.

The move is aimed to help restrict gold exports to regulate the domestic gold market which saw a record high price hike that hit VND38.2 million (USD1,910) per tael on November 9.

Currently, gold (including platinum-plated gold), which is not processed, in semi-finished products or powder under Group 7108, is applied to an export tariff ranging from 0% to 30%, set by the National Assembly Standing Committee.

In the dispatch, the Ministry of Finance recommended an export duty of 5% on wood products. The ministry also proposed an export tax of 15% for railway or tramway sleepers (cross-ties) made of wood.

Gold prices drop to VND36 million per tael

This morning (November 12), prices of gold in Hanoi dropped by additional VND20,000, or USD1 compared to yesterday afternoon. SJC and Bao Tin Minh Chau gold is being bought at VND36 million (USD1,800) and sold at VND36.25 million (USD1,812) per tael.

In Ho Chi Minh City, SJC gold is being bought at VND36 million (USD1,800) and sold at VND36.25 million (USD1,812) per tael. SBJ gold is being bought at VND36.06 million (USD1,803) and sold at VND36.24 million (USD1,812) per tael.

The drop in prices came after the State Bank of Vietnam decided to allow gold imports for a number of banks and gold businesses on November 9.- dantrinews

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