Vietnam to Raise Export Tariffs on Many Minerals from Early 2009

Vietnam will apply tariffs of between 0 per cent and 50 per cent on exports of many minerals, including coal, stone, ores and crude oil, from January 1, 2009, in stead of 0 per cent-20 per cent at present, the newswire vnexpress.net reported.

 

The adoption of high export tariffs is aimed to limit exports of non-recreated commodities and encourage the development of the domestic industrial sector.

 

A resolution on amending the export tariffs was agreed by delegates at the 14th session of the National Assembly Standing Committee November 22.

 

Accordingly, coal exports will be subject to a duty of 5 per cent-45 per cent in stead of 1 per cent-20 per cent at present; crude oil and petrol 5 per cent-50 per cent, in stead of 2 per cent-20 per cent and 0 per cent currently, respectively; and iron, steel, copper, aluminum, lead and zinc 0 per cent-40 per cent.

 

Minister of Finance Vu Van Ninh stressed that the increase of the export tariffs has clearly shown the state’s viewpoint of discouraging exports of the commodities.

 

Ninh added despite export tax hikes in recent time, exports of many kinds of minerals have been increasing. (vnexpress)