Vietnam is to raise its export tax on crude oil to 20 percent from current 8 percent and that on coal to 20 percent from current 15 percent on June 16, according to a local tax agency on Tuesday.
The country is reducing export of fossil fuels like crude oil and coal to foster its petroleum and petrochemical industries, and ensure sufficient supplies for energy-thirsty industries like electricity and cement, according to the Tax Policy Department under the Finance Ministry.
Vietnam increased, on April 22, its export tax on crude oil to 8 percent from previous 4 percent, that on coal to 15 percent from10 percent, and those on most of metal ores, including iron, copper, nickel and aluminum ores to 20 percent from 7-15 percent,
Vietnam exported 5.7 million tons of crude oil worth 4.5 billion U.S. dollars in the first five months of this year, down 11.3 percent in volume but up 45.5 percent in value, according to the country's General Statistics Office. Meanwhile, it spend nearly 4.9 billion dollars importing 5.8 million tons of petroleum products, posting respective year-on-year rises of 68.7 percent and 6.2 percent.
Dung Quat, the country's first refinery with an annual processing capacity of 6.5 million tons of crude oil under construction in central Quang Ngai province, is scheduled to operate by next February.
Source: Xinhua
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