Coal news and updates

Vietnam lowers coal export tax to tackle stockpile

Vietnam's Ministry of Finance has recently lowered the tax rate applied on coal exportation as one of the measures to deal with stockpiles.

Following the ministry's decision which took effect late last week, the tax for exported coal was reduced to 10 percent from the previous 13 percent, reported Vietnam's state-run radio Voice of Vietnam on Tuesday.

According to a report by the Vietnam National Coal and Minerals Industries Corporation (Vinacomin), the country's inventory of coal reached 7.9 million tons as of the end of August. The figure is estimated to hit nearly 10 million tons at the end of this year.

In the first eight months of 2013, the country exported 8.08 million tons of coal, earning $587 million, a decrease of 10.9 percent and 26.3 percent, respectively, said the General Statistics Office of Vietnam.



Source: Global Times