For nearly 30 years, Ai has sold sundries at a modest market in suburban Haiphong City, diligently saving every penny of her earnings to purchase gold as a means of safeguarding her wealth. After years of careful saving, she has accumulated three taels of gold, intended for repairing her ancestral home. Upon hearing that gold sales might now be subject to personal income tax, she expressed concern: “I bought gold to save, not to speculate. Why should selling it be taxed?” Ai’s story is far from unique. In Vietnam, gold is widely regarded as a form of savings—a secure store of value amid economic uncertainty. That is why the recently issued Government Resolution 278/NQ-CP, which calls for the amended Personal Income Tax Law to explicitly tax income from gold transactions, has ignited widespread debate. The Government has clearly outlined the objectives behind this policy: to enhance market transparency, curb speculation, and mitigate the risk of “goldization” in the economy. In theory, imposing personal income tax on gold transactions is a strategic move that addresses multiple concerns. Physical gold serves not only as a means of asset preservation but also facilitates anonymous transactions, which carry risks such as money laundering, financing […]
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