Gold eports may face 20 percent tax

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The Ministry of Finance proposed a 20 percent tax on gold exports for next year, amid a frenzy that drove the price of gold to an all-time high.

The tax rate is similar to the export tariff on a number of rare metals, according to the ministry's proposal, which was sent to the State Bank of Vietnam and concerned agencies on Tuesday.

Vietnam does not currently impose any tax on gold exports.

Local traders do not export gold regularly. In rare moments when local prices are lower than global prices, they do.

Analysts say that, although gold exports can bring more dollars into Vietnam, the activity could also put a strain on the domestic gold supply, which then leads to high gold prices in the local market.

The price of gold hit a record high of VND38 million per tael (1.2 ounces) on Tuesday and eased to VND36.3 million on Thursday, after the central bank allowed local traders to start importing gold to stabilize the market.

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