Gold Import Duty Cut

Viet Nam’s Ministry of Finance decided to cut import tariffs on gold bar from 1% to 0.5% in an effort to align Viet Nam gold prices with world standards and minimize the illegal export of gold, said the Vietnam Gold Trading Association (VGTA) on Tuesday.

Previously, gold traders had to import gold grains as opposed to bar in order to enjoy the 0.5% tariff.
Foreign exporters will no longer have to process gold bars into gold grains when Vietnamese importers want to buy gold materials.

By Ham Yen – Translated by Yen Chuong

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