The Ministry of Finance has decided to raise coal export tariffs from the current 15% to 20% beginning September 11.
|Coal export tariffs will rise from September 11|
The move is expected to minimise coal exports and boost domestic storage for future consumption.
The tax increase will be applied to all types of coal.
The state-owned Vietnam National Coal-Mineral Industries Group (Vinacomin), the country’s top miner, exports some two million tonnes of coal per month. The group plans to ship abroad 16.5 million tonnes of coal this year, yet it had to import the first batch of coal from Indonesia in June.
Vinacomin said its coal output reached 3.61 million tonnes in July, up 13.8% from a year earlier. Its coal production climbed to 26.1 million tonnes in the first seven months of this year, up 3.4% from the year previous.
Between January and July, the group exported around 9.9 million tonnes of coal, down 11% from a year earlier.