What are gold prices on the God of Wealth Day in 2025? Is gold subject to VAT in Vietnam?
What are gold prices on the God of Wealth Day in Vietnam in 2025?
Every year, on the God of Wealth Day, the gold market becomes lively as people rush to buy gold for good luck and prosperity. The year 2025 is no exception, with noticeable fluctuations in gold prices on this day.
Based on Article 12 of Decree 24/2012/ND-CP which regulates the responsibilities of enterprises trading in gold bullion as follows:
Responsibilities of enterprises and credit institutions engaged in the trading of gold bullion
Enterprises and credit institutions engaged in the trading of gold bullion are responsible for:
- Only being allowed to buy and sell the types of gold bullion specified in Clause 2, Article 3 of this Decree.
- Not conducting gold bullion trading through authorized agents.
- Complying with legal regulations on accounting policies, issuance, and use of invoices and documents.
4. Publicly listing at the trading location the buying and selling prices of gold bullion.
- Implementing measures and equipment to ensure safety in business operations.
- Complying with this Decree and other relevant legal regulations.
Thus, businesses engaged in trading gold bullion must publicly list the buying and selling prices at the trading location.
Based on Clause 4, Article 1 of Decision 1623/QD-NHNN of 2012, which regulates the principles of organizing gold bullion production as follows:
Principles of organizing gold bullion production
- The State Bank decides to produce gold bullion based on the objectives of monetary policy management and the supply-demand of gold bullion in the market.
- The State Bank assigns the Saigon Jewelry Business Company Limited (hereinafter referred to as SJC) to process gold bullion following the regulations in this Decision.
- The State Bank decides the production limit, timing, and source of raw gold materials for organizing gold bullion production.
4. The State Bank organizes the production of 99.99% gold bullion, engraved with weight, quality marks, and the seal of SJC (hereinafter referred to as SJC gold bullion). The quantity of SJC gold bullion produced is determined by the State Bank in each period.
- The State Bank approves the processing fee of SJC gold bullion for each period based on processing costs, expected profits, and applicable taxes.
Below is the listed public price of 9999 gold on the God of Wealth Day in 2025 (February 7, 2025) for your reference:
For many years, on the God of Wealth Day, the 10th day of the first lunar month, people, especially those involved in trade and business, joyfully purchase gold to seek blessings from the God of Wealth for a prosperous and successful year. Plain gold rings and gold-plated products symbolizing the zodiacs, lucky wealth god gold are the most popular items on the market on this day every year.
Note: The information is for reference only!
What are gold prices on the God of Wealth Day in Vietnam in 2025? (Image from the Internet)
Is gold subject to VAT in Vietnam?
According to Clause 22, Article 5 of the 2008 VAT Law as supplemented by Clause 1, Article 3 of the 2014 Law Amending Tax Laws which took effect on January 1, 2015, it specifies:
Non-taxable objects
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- Goods transshipped, in transit through Vietnamese territory; goods temporarily imported for re-export; goods temporarily exported for re-import; imported materials for the production and processing of export goods under processing contracts signed with foreign parties; goods and services traded between foreign countries and non-tariff zones and among non-tariff zones.
- Technology transfer as regulated by the Law on Technology Transfer; transfer of intellectual property rights as regulated by the Law on Intellectual Property; computer software.
- Imported gold in the form of bars and unprocessed pieces not formed into handicrafts, jewelry, or other products.
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Thus, according to the above regulation, imported gold in the form of bars and unprocessed pieces not formed into handicrafts, jewelry, or other products will not be subject to VAT. However, jewelry gold products, crafted gold, or gold processed into handicrafts, jewelry, or other products are subject to VAT.
What is the VAT calculation method applied to enterprises trading in gold, silver, and gemstones in Vietnam?
Based on Clause 4, Article 12 of Circular 219/2013/TT-BTC as amended by Clause 3, Article 3 of Circular 119/2014/TT-BTC as follows:
Tax deduction method
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- Other cases:
a) In the case where a business establishment engages in the trading and crafting of gold, silver, and gemstones, the business must separately account for this activity to pay tax via the direct calculation method on the value-added as guided in Article 13 of this Circular.
b) For enterprises paying VAT under the deduction method, if they establish branches (including branches established from the business’s investment projects), if the branch is subject to separate VAT declarations according to the law on tax administration, the tax calculation method of the branch is determined following the tax calculation method of the active enterprise. In cases where the branch does not directly sell goods, does not generate revenue, or where the branch is located in the same provincial or municipal area as the enterprise's headquarters but does not declare taxes separately, tax is declared centrally at the enterprise’s headquarters.
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Therefore, gold, silver, and gemstones trading businesses must separately account for this activity to pay taxes using the direct calculation method on value-added.
