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.

HCMC

HCMC, or Ho Chi Minh City, is the largest and most bustling city in Vietnam. It was formerly known as Saigon and served as the capital of the French colony of Cochinchina and later of the independent state of South Vietnam. The city is a major economic hub, famous for its French colonial landmarks, vibrant street life, and pivotal history from the Vietnam War.

Ministry of Finance

The Ministry of Finance is a key government department responsible for managing a nation’s revenue, financial policies, and economic strategy. Its history is often intertwined with the formation of the modern state, evolving from ancient treasury roles to manage complex contemporary economies. The specific ministry for each country will have its own unique founding date and historical milestones.

Government Decree 26/2023

“Government Decree 26/2023” is not a place or cultural site, but rather a piece of legislation. It is a legal document issued by a government to establish rules, procedures, or policies on a specific matter. Without knowing which country issued it, its specific historical context and purpose cannot be detailed.

World Gold Council

The World Gold Council is a market development organization for the gold industry, founded in 1987 by leading gold mining companies to stimulate demand and support the global gold market. It is not a physical place but a trade association that provides industry analysis, promotes gold’s use in investment and technology, and advocates for its importance in the global economy.

ASEAN

ASEAN (Association of Southeast Asian Nations) is a regional intergovernmental organization established on 8 August 1967 in Bangkok, Thailand, by its five founding members. It was created to promote political and economic cooperation, as well as regional stability, among its members. Today, it has grown to include ten member states and is a major economic bloc and a central platform for diplomacy in Southeast Asia.

SJC gold bars

SJC gold bars are a form of 24-karat gold bullion produced and guaranteed by the Saigon Jewelry Company, a prestigious Vietnamese state-owned enterprise. They were first minted in 1988 and have since become the most recognized and trusted form of gold savings and a national store of value in Vietnam.