Vietnam to hike export taxes for oil

Vietnams Ministry of Finance will raise the export taxes for crude oil, coal and minerals to boost budget revenue and support domestic industries, said the official from the ministry’s tax policy department. Officials with PetroVietnam and Vinacomin, the country’s largest exporters of crude oil and coal products, said that their companies don’t have immediate plans to raise export prices, as they have to wait for pricing decisions from the government. “In general, we offer clients prices which are almost the same as global prices (for coal), ranging from US$120 per ton to US$400 per ton, depending on quality,” said the official with Vinacomin’s export department. Vietnam is expected to export 16 million tons of crude oil and 28 million tons of coal this year, according to state media. (June 10, 2008)