Vietnam to Raise Export Tax on Natural Resource, Mining Minerals

Vietnam’s Ministry of Finance (MoF) is planning to increase tax on mining minerals sharply, state media reported.

MoF said it is finalizing documents to submit to the National Standing Committee for promulgating the Resolution on amending natural resource tax stipulated in the Ordinance on natural resource tax.

 

According to the ministry, the tax hike is aimed to prevent uncontrolled exploitation of natural resources in the country.

 

The tax will be raised to between 10 per cent and 30 per cent from 1 per cent-5 per cent on mining metal minerals, to 5 per cent-10 per cent from 1 per cent-5 per cent on non-metal minerals, to 5 per cent-20 per cent from 3 per cent-8 per cent on gemstones, to 5 per cent-20 per cent from 1 per cent-3 per cent on coal and to 6 per cent-25 per cent from 0 per cent-10 per cent on natural gas (equivalent to crude oil) 

 

The current national resource tax annually brings in more than VND6.5 trillion (US$393.93 million) to the state coffer, including VND6.2 trillion from oil and gas. (Labor, VietNamNet)