Monday, 17th October 2005 (2740 views)

Vietnam is considering plans to cut import tax on gold bullion by half.

The Ministry of Finance is poised to submit its suggestions, which could see tax import on gold bullion slashed by a half to 0.5 per cent.

At present, Vietnam has one of the highest import taxes, charging 0.5 per cent on gold grains and one per cent on gold bullion.

It is believed that a cut, to bring it into line with other countries, would make Vietnamese gold products more competitive. Not only would this help gold traders in the current gold market climate, but it would also aid those buying it for manufacture into jewellery.

In Vietnam the price of a tael of pure gold recently reached a new record of 8.86 million VND on September 20th.

Vietnam contains the Sin Quyen gold mine in Hanoi, which produced two tonnes of gold in 2001. However, demand far outstrips production.

According to Xinhua News, this year Vietnam is predicted to import 70 tonnes of gold, a rise of five tonnes on last year's figure.

 

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