HCMC – The Ministry of Finance has proposed reducing the export tariff on gold jewelry and fine-art products from 1% to 0% under a draft decree amending Government Decree 26/2023.
The ministry said the move aims to ease costs for exporters, enhance the competitiveness of Vietnamese jewelry in global markets, and encourage conversion of gold reserves into higher value-added products.
The tariff cut is expected to reduce state budget revenue by some US$3.3 million (VND79 billion) per year.
Customs data showed exports of these items reached US$332.2 million in 2024, down 4.95% from 2023. Jewelry shipments surged to US$317.9 million, while fine-art products plummeted 98.6% to US$1.8 million.
Gold prices have fluctuated strongly, with global prices in Q1 2025 up nearly 39% year-on-year and domestic prices rising 37.4% in the first half of this year.
Vietnam’s jewelry demand dropped 13% in 2024, the steepest decline in ASEAN, according to the World Gold Council.
Currently, no firms are licensed to import raw gold, leaving them dependent on costly domestic supplies. By mid-May 2025, SJC gold bars were VND19 million per tael higher than global prices, further eroding export competitiveness.
