A person holds a gold bar in a jewelry shop. Photo by VnExpress/Quynh Tran
Gold bar sales will be subject to a 0.1% tax, according to a new law passed Wednesday by the National Assembly.
But lawmakers left the task of determining the taxable threshold and implementation schedule to the government.
The government had said earlier that taxing gold was a necessary step to curb speculation and direct more resources into the economy.
Fixing a taxable threshold is meant to exclude individuals buying and selling gold as an investment rather than for speculation.
Buying gold as an investment is common in Vietnam. Selling gold has never been taxed before.
Analysts said taxing gold would create a more level playing field for all asset classes.
Volatility in the domestic gold market has been a key concern for lawmakers, with prices jumping by over 80% since the beginning of this year.
Gold was hovering at around VND153.7 million (US$5,829.60) per tael of 37.5 grams at the time of publishing, 15% higher than global rates.
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