18 September 2006 -- The Vietnamese Finance Ministry reportedly plans to impose an export tax of 3 percent on coal. The country removed the tax in 1998 to encourage exports. Reinstituting it is hoped to help ensure sufficient supply for domestic industries, mainly electricity, paper, fertilizer and cement.
The country's biggest coal producer and exporter, Vietnam National Coal Group (Vinacoal), expects to produce 36.4 million tons of coal in 2006, up 7 percent over last year. The group also plans to sell 31 million tons of coal, including 14.6 million tons of exports. The Ministry of Planning and Investment recently asked the government to reduce coal exports in the 2006-2010 period.
As a result, 2006 exports will remain equal to last year's at nearly 18 million tons, but will annually drop by one million tons between 2007 and 2010.
Last year Vietnam earned $658 million from exporting coal to over 20 countries and regions, including China, Japan, South Korea, Thailand, Malaysia, India, Brazil and the European Union.
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