Vietnam to export less coal

Vietnam will gradually export less coal in the next 10 years, and eventually stop exporting it, according to local newspaper Vietnam Economic Times on Thursday.

Under a report on developing the domestic coal sector in the 2006-2015 period recently submitted to the Vietnamese government by the Industry Ministry, the country should export only 12 million tons of coal in 2010, 5 million tons in 2015 and smaller volumes after the year, and eventually no tons at all.

Vietnam is estimated to produce 40-45 million tons of coal in 2010, 48-51 million tons in 2015, 55-58 million tons in 2020, and 58-61 million tons in 2025.

The country's Finance Ministry is planning to impose export tax of 3 percent on coal, which is expected to ensure sufficient supply of the material for domestic industries, mainly electricity, paper, fertilizer and cement. Vietnam, levying an export tax on coal prior to 1998, removed the tax in the year to encourage the export.

Vietnam shipped abroad nearly 19.8 million tons of coal worth 628 million U.S. dollars in the first nine months of this year, up 68.3 percent and 38 percent, respectively, against the same period last year, according to the country's General Statistics Office.

Last year, Vietnam earned 658 million dollars from exporting nearly 17.9 million tons of coal to over 20 countries and regions, including China, Japan, South Korea, Thailand, Malaysia, India, Brazil and the European Union.

Source: Xinhua