Block speculation, turn people's gold into capital for economic development

In the past few days, the gold investment community has been stirred up by the news of taxing gold transactions to limit speculation. A series of solutions for the gold market are being urgently put forward, the ultimate goal is to get people to invest capital in economic development instead of buying gold for storage.

Gold speculation will gradually "run out of steam", capital will be transferred to production and business. Photo: Duc Thanh

Gold speculation will gradually run out of doors

Eliminating the gold monopoly, allowing the import of raw gold, researching the establishment of a gold exchange, possibly taxing gold transactions... are a series of management solutions for the gold market that will soon be introduced. The purpose of this series of solutions is not only to "untie" gold, but also to stop speculation.

Sharing with reporters of Dau Tu Newspaper, Mr. Phan Dung Khanh, Investment Consulting Director of Maybank Investment Bank, said that in the coming time, the policy on gold will focus on solutions to limit speculation.

“Of course, the ups and downs of gold will still depend mainly on world prices, but domestic policies will make gold speculation less attractive. Similarly, real estate in the coming time will also be strongly squeezed into the speculative segment,” Mr. Khanh said.

Regarding the Government 's request when amending the Personal Income Tax Law to clearly stipulate that income from gold trading is subject to tax to increase transparency and limit speculation, many experts agree, but suggest that it should only be applied depending on each case and subject.

Mr. Nguyen Quang Huy, Faculty of Finance and Banking (Nguyen Trai University) said that not everyone who buys gold is for speculative purposes. Therefore, taxing gold transactions should only be applied to a certain volume of transactions and a certain holding period, and should not be applied equally. Particularly for organizations and individuals who regularly trade gold, taxing is necessary to limit speculation.

Since the Government requested to study the taxation of gold transactions, the investment community has been discussing with many different opinions. According to experts, taxing gold is necessary to reduce the attractiveness of gold, stimulate people to deposit capital in banks or invest in production and business.

However, taxing gold based on profits and income is also very difficult, because the amount of gold in the population is very large, the origin is diverse, and the documents proving transactions are inconsistent and incomplete.

Therefore, many opinions suggest that gold should only be taxed when traded on the exchange, and at the same time, people should be required to trade a certain amount of gold through the exchange. Once gold is traded on the exchange, collecting transaction tax will be very easy and transparent, similar to the way securities are taxed.

“Securitizing the gold market, specifically establishing a gold exchange, is the most effective solution to manage the gold market, including the purpose of limiting speculation, making the market transparent and increasing tax revenue,” Dr. Nguyen Tri Hieu, an economic expert, recommended.

It is important to mobilize gold from the people.

Many synchronous solutions are being proposed to stabilize the gold market and prevent speculation in this precious metal. However, Mr. Phan Dung Khanh said that the most important thing to consider is not only to prevent gold speculation, but also to mobilize gold from the people for economic development.

“The demand for capital for growth in the coming time is very large, we cannot rely only on direct capital injection or loans, but also on mobilizing resources from the people. Although there are no exact statistics, the amount of gold in the people is very large, we need to mobilize this capital for economic development,” Mr. Khanh stated his opinion.

According to this expert, if the Government successfully prevents gold speculation, people may not be interested in hoarding gold, but will sell gold to invest in other channels, thereby increasing capital flow into the economy. For example, investors sell gold to buy additional shares issued by enterprises, thereby mobilizing capital for production and business.

To provide a solution to this problem, Associate Professor Dr. Nguyen Huu Huan, University of Economics, Ho Chi Minh City, suggested that in the short term, Vietnam could build a commodity gold exchange like China, then it could study more experiences in building gold exchanges in some other countries to integrate into a gold exchange model that is most suitable for Vietnam.

According to experts, the gold market not only needs immediate measures to stop speculation, but more importantly, there must be a long-term mechanism to bring gold resources from the people to serve economic development. Each policy must be strong enough to limit hoarding and speculation, and flexible enough to encourage people to participate in official investment channels.

The core lesson is that, instead of letting gold "sleep" in the safe, it is necessary to turn it into capital flowing into production and business, contributing to promoting sustainable growth for the economy.

Source: https://baodautu.vn/chan-dau-co-bien-vang-trong-dan-thanh-von-phat-trien-kinh-te-d388602.html