To review and adjust the royalty rates for some minerals in Vietnam

To review and adjust the royalty rates for some minerals in Vietnam
Lê Trương Quốc Đạt

To review and adjust the royalty rates for some minerals in Vietnam is the notable point specified in Decision 334/QD-TTg dated April 1, 2023 approving the Strategy for geology, minerals and mining industry to 2030, with a vision to 2045 issued by the Prime Minister.

To review and adjust the royalty rates for some minerals in Vietnam

In completing the legal system on basic investigations of geology, minerals, and the mining industry, it is determined to review and adjust the tax rates of natural resources tax on some minerals to:

In order to encourage investment in advanced and modern technology for the exploitation and processing of mineral deposits with complex geological and mining conditions, low content, and poor technical infrastructure.

In addition, a number of other specific solutions and tasks for completing the legal system on basic geological, mineral, and mining industry investigations are 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 Minerals 2010; fully supplementing new policies for basic geological investigation and geological resources; amending, supplementing, and completing the contents of policies in the field of minerals and the mining industry in Vietnam.

Completing the drafting of the Mineral Law (amended) and submitting it to the XV National Assembly in 2024.

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

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

- Supplementing and completing regulations on the auction of mineral mining rights, the grant of permits for exploration and exploitation of minerals for use as common building materials in accordance with practice; perfecting the management mechanism according to the market mechanism, strictly controlling mineral mining activities, ensuring fairness, publicity, transparency, combating wastefulness of mineral resources, and increasing revenue for the state budget.

- Completing the export-import policy and mineral reserve, ensuring the balance between immediate demand and long-term mineral reserve, and mineral export on the basis of balancing the efficiency of 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.

- Completing policies to encourage cooperation and foreign investment using advanced and modern technologies in mining and mineral 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 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.

More details can be found in Decision 334/QD-TTg, which takes effect from the date of signing.


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