Vietnam’s finance ministry proposes cutting the export tax on gold jewelry and fine arts to 0% from 1% to help Vietnamese businesses reduce costs, boost competitiveness amid market volatility, according to a draft decree submission.
- The tax reduction may reduce state revenue by about 79 billion dong ($3 million)
- Vietnam’s 2024 gold consumption reached 55.3 metric tons, versus 55.5 metric tons in 2023, with jewelry and fine arts down 13% y/y to 13.2 metric tons
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