{"id":80509,"date":"2026-05-12T07:59:53","date_gmt":"2026-05-12T07:59:53","guid":{"rendered":"https:\/\/english.saigonbiz.com\/vn\/?p=80509"},"modified":"2026-05-12T07:59:53","modified_gmt":"2026-05-12T07:59:53","slug":"vietnam-aims-to-create-breakthrough-development-in-the-mineral-industry","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/vietnam-aims-to-create-breakthrough-development-in-the-mineral-industry\/","title":{"rendered":"Vietnam aims to create Breakthrough Development in the Mineral Industry"},"content":{"rendered":"<p><em>Minerals serve as a pillar for supplying raw materials to many foundational industries like metallurgy, construction materials, and energy. However, the sector is facing numerous persistent bottlenecks, ranging from licensing, planning, and taxation to deep processing capacity. As Vietnam accelerates industrialization and green economic development, removing these barriers becomes an urgent requirement to &#8220;awaken&#8221; resource potential, ensuring the mineral industry develops sustainably and achieves higher added value.<\/em><\/p>\n<p>Vietnam is considered a country with vast mineral reserves, ranking among the world&#8217;s top in reserves of rare earth elements, wolfram\u2026 (excluding China). Despite this, according to Mr. Phan Chien Thang, Deputy CEO of Masan High-tech Materials, the mineral sector&#8217;s revenue in Vietnam remains one of the lowest globally. The main reason is that most products are exported in raw form, while refined products require large investment, incur high costs, and struggle to compete. Additionally, the time taken for granting mineral extraction and processing licenses is lengthy, and many expired mining licenses have not been renewed, causing businesses to lose investment opportunities.<\/p>\n<p>Mr. Le Van Phung, a senior tax expert, noted that in Thai Nguyen, many enterprises owning low-grade ore deposits cannot afford modern exploitation technology but still bear various annual costs, including royalties, resource tax, environmental protection tax, and land tax&#8230; Other firms that have achieved deep processing are facing output stagnation. Their products lack domestic demand, while high export prices make them difficult to sell and uncompetitive.<\/p>\n<p>According to Mr. Dau Anh Tuan, Deputy Secretary General and Head of the Legal Department at the Vietnam Chamber of Commerce and Industry (VCCI), mining enterprises are currently fulfilling two major financial obligations simultaneously including resource tax under the 2009 Resource Tax Law and mineral exploitation royalties under the 2010 Mineral Law, which are maintained in the 2024 Geological and Minerals Law. Both collections aim to ensure the State captures a share of the value from the public asset (mineral resources). However, concerns have been raised that simultaneously applying two financial mechanisms to the same subject creates significant practical, legal, and economic issues.<\/p>\n<p>The total tax and fee burden (excluding Corporate Income Tax) impacting the mining industry in Vietnam ranges from 24% to 26%. This level is significantly higher compared to other countries in the region and globally. For instance, royalties in Vietnam are 4% to 5% of revenue, while the US, Japan, and Malaysia do not collect this fee. Resource tax in Vietnam is 9% to 10%, higher than in the US (2% to 7% of profit), Malaysia (5%), and Japan (1.2%).<\/p>\n<p><strong>A New Resource Mindset is Needed<\/strong><\/p>\n<p>On the regulatory side, Mr. Tran Phuong, Deputy Director of the Vietnam Geological and Mineral Department under the Ministry of Natural Resources and Environment, suggested that besides the goal of budget collection, current tax and royalty policies also aim to limit speculation on mineral deposits and prevent licenses from being granted but left fallow and unexploited.<\/p>\n<p>Nevertheless, according to a representative from the Ministry of Finance&#8217;s Tax, Fee, and Charge Policy Management and Supervision Department, after a long period of implementing tax policy for the mineral industry, it is necessary to review and identify difficulties and inconsistencies compared to reality, particularly concerning the method of tax calculation, output, and the price used for resource tax assessment.<\/p>\n<p>&#8220;The mineral sector is highly specific, varying widely in quality, content, and reserves, making it very difficult to accurately determine reserves for tax purposes. Enterprises that produce processed minerals are allowed to deduct production costs for industrial processing, but in practice, they face many challenges in precisely determining the deductible costs. Furthermore, the overall tax and fee level of 24-26% needs review, avoiding a blanket approach, as high-tech enterprises already benefit from incentives,&#8221; the representative of the Tax Policy Management Department noted.<\/p>\n<p>A proposal from Deloitte suggested that Vietnam should simplify the royalty calculation by shifting from &#8220;reserves&#8221; to &#8220;licensed exploitation area.&#8221; It also proposed reducing tax rates for specific types of mineral resources, particularly those that undergo deep processing, and adding a List of deep-processed minerals eligible for Value Added Tax (VAT) refunds.<\/p>\n<p>Mr. Phan Chien Thang recommended simplifying mineral exploitation and processing licensing procedures, especially for strategic minerals. He suggested applying a special mechanism that allows enterprises to simultaneously proceed with construction investment and administrative procedures, which would shorten the time, reduce opportunity costs, and boost investment efficiency.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minerals serve as a pillar for supplying raw materials to many foundational industries like metallurgy, construction materials, and energy. However, the sector is facing numerous persistent bottlenecks, ranging from licensing, planning, and taxation to deep processing capacity. As Vietnam accelerates industrialization and green economic development, removing these barriers becomes an urgent requirement to &#8220;awaken&#8221; resource [&#8230;]\n","protected":false},"author":1,"featured_media":80510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-80509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v21.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vietnam aims to create Breakthrough Development in the Mineral Industry - Biz and Live in Saigon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.saigonbiz.com\/vn\/vietnam-aims-to-create-breakthrough-development-in-the-mineral-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vietnam aims to create Breakthrough Development in the Mineral Industry\" \/>\n<meta property=\"og:description\" content=\"Minerals serve as a pillar for supplying raw materials to many foundational industries like metallurgy, construction materials, and energy. 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