Vietnam raises coal export tax to 20 percent

The Ministry of Finance has hiked the export tax on all types of coal from 15 to 20 percent in an effort to conserve a dwindling resource.

The move follows a recent report in Tuoi Tre newspaper that 9,500 tons of low-quality coal were recently imported from Indonesia by the Viet Nam Coal and Mineral Industries Group (Vinacomin) to supply thermal power plants in the central and southern regions.

It made Vietnam, a major coal exporter, an importer for the first time.

Vinacomin said Vietnam would have to import 10 million tons a year for domestic use from 2012 and 100 million tons by 2020.

It would also export around 2 million tons each year by 2012, and 20 million tons by 2020.

The ministry said it also plans to increase export tariffs on other commodities like brass, aluminum, and lead.

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