The Ministry of Finance has proposed reducing the export tax rate on gold jewellery products from the current 1% to 0%, aiming to cut costs for domestic manufacturers and boost industry development.

The plan, detailed in a draft decree on export and import tariffs released for public feedback, is expected to help Vietnamese enterprises lower production costs and enhance the competitiveness of gold products in the global market.

The proposed tax cut would apply to four HS codes — 7113.19.10, 7113.19.90, 7114.19.00, and 7115.90.10 — which generated $332.2 million in export revenue in 2024, a year-on-year decline of 4.95%.

According to ministry estimates, the adjustment could reduce State budget revenue by around VND79 billion ($3.3 million) annually.