To complete the drafting of the Law on Amendments to Mineral Law in Vietnam 2024

To complete the drafting of the Law on Amendments to Mineral Law in Vietnam 2024 (Internet image)

The Prime Minister of Vietnam issued Decision 334/QD-TTg dated April 1, 2023 approving the Strategy for geology, minerals and mining industry to 2030, with a vision to 2045.

To complete the drafting of the Law on Amendments to Mineral Law in Vietnam 2024

Specifically, in Decision 334/QD-TTg , the Government of Vietnam has set out the tasks and solutions for perfecting the legal system on basic investigation of geology, minerals, and the mining industry as follows:

- Fully institutionalizing the Party's viewpoints, policies, tasks, and solutions on the strategic orientation of geology, minerals, and the mining industry.

- Summarizing and fully evaluating the results after 10 years of implementing the Law on Mineral Law 2010; fully supplementing new policies for basic geological investigation and geological resources; and amending, supplementing, and completing the contents of policies in the field of minerals and the mining industry.

Completing the drafting of the Law on Amendments to Mineral Law and submitting it to the XV National Assembly in 2024.

- Specific regulations on the content of basic investigations of geological resources (mineral resources, position resources, geological heritage, geoparks) and other geological conditions (geological hazards, environmental geology, hydrogeology - engineering geology, etc.)

Continuing to improve regulations on the mapping of mineral geology, urban geology, and other specialized geological maps...

- Supplementing and completing regulations on the auction of mineral mining rights and the grant of permits for exploration and exploitation of minerals for use as common building materials in accordance with practice;

Completing the management mechanism according to the market mechanism, strictly controlling mineral exploitation activities, ensuring fairness, publicity, and transparency, combating the waste of mineral resources, and increasing revenue for the state budget

- Reviewing and adjusting the natural resource tax rates of some minerals to encourage investment in advanced and modern technology to exploit and process mineral mines with complex geological and mining conditions, low content, and poor technical infrastructure.

- Completing the export-import policy and mineral reserve, ensuring the balance between immediate needs and long-term mineral reserves, and exporting minerals on the basis of effectively balancing investment in mining and mineral processing.

- Clearly defining the responsibilities of organizations and individuals exploiting minerals; the reinvestment of revenues from mining for reinvestment in development and social security for localities and people where minerals are mined.

- Finalizing policies to encourage foreign investment and cooperation in using advanced and modern technologies in mineral exploitation and processing in order to master advanced technologies transferred from developed countries; narrowing the gap in development level compared with advanced countries in terms of geology, minerals, and the mining industry;

Encouraging domestic enterprises to invest abroad in the field of geology and minerals, especially important minerals, in order to increase domestic mineral reserves.

By 2025, To remove fragmented mineral processing facilities and outdated technology in Vietnam

In the Strategy for Geology, Minerals, and the Mining Industry to 2030, with a vision to 2045, the Government sets specific targets for implementation by 2025 as follows:

- Completing 80% of the geological and mineral mapping area at the scale of 1:50,000 on the mainland; completing the investigation and assessment of mineral potential in promising structures in the Northwest and Central Central regions.

- Investigating geology and minerals in some marine areas to a depth of 300 m and 1,500 m at the rate of 1:500,000; investigating the characteristics of geological structure, engineering geology, geodynamics, natural resources, and the environment of coastal waters at the scale of 1:100,000.

Investigating, zoning, and warning of landslides, rockslides, and flash floods in high-risk mountainous provinces; surveying and mapping the environmental geology of areas containing toxic and radioactive minerals.

- Setting up a database system, information on geology and minerals integrated with the national database.

- Exploration to meet mining and processing needs for minerals: coal, bauxite, titanium - zircon, apatite, iron, lead - zinc, copper, nickel, tin, manganese, chromite, glass sand, and some other minerals.

- Termination of fragmented mineral processing establishments, outdated technology, low economic efficiency, and environmental pollution.

- Bringing into play the efficiency of existing mineral processing plants in association with a stable source of raw materials; investing in new technologies; renovating and upgrading equipment to improve product quality and be competitive in the market; promoting the development of the mineral processing industry according to the plan in association with a stable and concentrated source of raw materials.

Investing effectively in the project of exploiting and processing chromite ore in Co Dinh (Thanh Hoa); overcoming the shortcomings of Lao Cai Iron and Steel Plant Project and having solutions to organize the efficient exploitation and use of Quy Xa iron mine.

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