Vietnam to impose 10 percent mineral export tax

摘要

The Vietnamese government is extending export taxes on certain mineral exports, including key industrial minerals such as ilmenite, zircon and barytes. Under the amendment, exports of natural resources will now be subject to a 10 percent export tax, and refined commodities will be subject to a 5 percent export tax. Mr Nguyen Manh Quan, director general of the mechanical, metallurgical and chemical department of Vietnam's Ministry of Industry, explained: "The Vietnamese government's decision to introduce a mineral export tax is to raise the budget and regulate the exportation of key mineral resources through tax as well as limit mineral exports. The former export tax of 0 percent is not reasonable. In the future, the government will consider and adjust the resource tax of other minerals which at the moment stands at a very low rate of 2-3 percent".