Vietnam: To review and adjust the natural resource tax rate for the period of 2022 - 2025

Specifically, the Government of Vietnam has just approved Resolution 88/NQ-CP dated July 22, 2022 on the issuance of the Government's action plan to implement Resolution 10-NQ/TW dated February 10, 2022 on the orientation strategy of the geology, minerals, and mining industry to 2030 and a vision to 2045.

Vietnam: To review and adjust the natural resource tax rate for the period of 2022 - 2025

In particular, the requirement to perfect the legal system, mechanisms, and policies on geology, minerals, and the mining industry:

- To complete the application for the development of the Mineral Law Project (amended) and submit it to the Government of Vietnam in July 2022.

- To complete legislative documents guiding the implementation immediately after the Mineral Law (amended) is promulgated in 2024.

- To review and adjust the natural resource tax rates on some minerals in order to encourage investment in advanced and modern technologies for the exploitation and processing of mineral deposits with complex geological and mining conditions, low quality, low technical infrastructure.

* Period: From 2022 to 2025

At the same time, improve the policy of export - import and mineral reserves to ensure a balance between immediate needs and long-term mineral reserves.

- To finalize policies to encourage foreign investment and cooperation in the use of advanced and modern technologies in mining and mineral processing in order to master advanced technologies transferred from developed countries and narrow the gap. in terms of development level compared with advanced countries in terms of geology, minerals, and mining industry in Vietnam;

Encourage domestic enterprises to invest abroad in the fields of geology and minerals in order to increase domestic mineral reserves.

- To complete policies to attract, train, and develop human resources, a team of highly qualified experts and skilled workers in the fields of geology and minerals.

To develop a regime of treatment for cadres, civil servants, public employees, and workers in the geology and mineral sectors.

For details, see Resolution 88/NQ-CP, effective from the date of signing and promulgation.

Nhu Mai

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