The Vietnamese government recently announced its intention to introduce quotas on the country’s gold exports and increase export duties by 10% on jewelry made of gold with a purity of 99.9%. The State Bank of Vietnam also plans to extend the jewelry tax to a gold purity of more than 80%.
According to Vietnamese media, the Vietnam Gold Sellers Association reacted with outrage to the country’s central bank’s plans to engrave jewelry with a purity of more than 80%. Jewelry sellers are saddened by this measure, as it could lead to a significant reduction in gold exports. They also warn the Vietnamese government that this could trigger an increase in the shadow market for gold exports.
Some jewelry sellers try to reduce the gold content of some of their products to less than 99% to avoid existing taxes. Since gold exporters operate with very small profits, they are forced to resort to such measures. The data show that Vietnam’s gold exports reached a total value of $ 1.2 billion in the first quarter of 2011, helping to reduce the country’s huge trade deficit. Any reduction in gold exports will lead to another increase in Vietnam’s trade deficit.
The price of gold in Vietnam last week continued its rise above 40.1 million dong ($ 1950) per tael (1 tael = 1.21 troy ounces).
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