HCMC – The State Bank of Vietnam (SBV) will end the state monopoly over the production of gold bars and the import and export of gold for bullion manufacturing, starting October 10, according to a new Government decree aimed at liberalizing the gold market.
The Government has issued Decree 232/2025/ND-CP amending regulations on gold trading. The decree expands the scope of management, introduces a clearer definition of gold bars, and allows commercial banks and eligible businesses to produce gold bars under licensing by the State Bank of Vietnam (SBV).
Gold bar production will now be classified as a conditional business, which requires a license. Transactions involving VND20 million or more per day must be conducted via bank accounts. Gold trading companies are required to publicly disclose product standards, provide warranties, and maintain data systems connected to the SBV.
In addition, the amended Corporate Income Tax Law, effective October 1, sets the standard tax rate at 20%.
Businesses with annual revenue not exceeding VND3 billion will be taxed at 15%, while those earning between VND3 billion and VND50 billion will pay 17%, based on revenue from the previous fiscal year.
For the oil and gas sector, tax rates will range from 25% to 50%, depending on specific oil fields, as determined by the prime minister. Mining activities involving rare resources such as platinum, gold, silver, tin, tungsten, gemstones, and rare earths will face a 50% tax rate, reduced to 40% if more than 70% of the mining area is located in regions classified as especially difficult.
From October 15, a separate decree introducing a global minimum corporate income tax will take effect. Multinational groups with consolidated global revenue of at least 750 million euros in two of the preceding four years will be subject to this tax, unless specifically exempted. Newly established corporations meeting this revenue threshold in at least two of their first four years of operation will also be included.
A new circular on mandatory reserve ratios for banks took effect on October 1. Under Circular 23/2025, credit institutions that support or take over commercial banks under special supervision will be eligible for a 50% reduction in required reserve ratios.
The circular also renames “State Bank of Vietnam provincial and municipal branches” as “regional branches” and clarifies inspection and supervision responsibilities for handling violations.
Additionally, the Ministry of Finance has issued Circular 86/2025, effective October 12, regulating customs fees for goods and vehicles in transit. Certain categories, such as humanitarian aid, duty-free gifts, diplomatic items, personal belongings, and cross-border trade by border residents, will be exempt from these fees, along with cases covered by international agreements or government commitments.
