HCMC – Starting October 10, the export tax on gold jewelry and handicrafts has been reduced to 0%, down from the previous 1%, under the Government’s Decree No. 260.
The decree revises export tax rates for several items in the country’s preferential import-export tariff schedule and updates the list of goods subject to absolute, mixed, and out-of-quota import duties, according to the Vietnam News Agency.
The export tax for products made from gold or silver has been lowered to 0%, while the rate for silver and other base-metal jewelry coated with precious metals remains unchanged at 0%.
The Ministry of Finance said the tax cut aims to help businesses reduce costs and improve competitiveness. It is also expected to encourage the conversion of gold held by the public into higher-value products amid limited domestic supply and high global prices.
The new 0% rate is consistent with the current 0–10% tax range applied to jewelry and handicraft items.
Currently, Vietnam applies a 0% preferential import tax on unprocessed gold. However, since 2012, no enterprise has been licensed by the State Bank of Vietnam (SBV) to import raw gold for jewelry and handicraft production. As a result, manufacturers have had to rely on domestic gold sources, which are scarce and priced higher than global market levels.
