HANOI - Vietnam's Ministry of Finance has decided to raise export taxes on crude oil, coal and some key metal ores in an effort to reduce budget deficits, a ministry official said Tuesday.
"All the tax increases will be effective from Tuesday," said the official with the ministry's general department of taxation.
Vietnam has doubled its export tax for crude oil to 8% and raised the export tax for coal to 15% from 10% previously, said the official, who requested anonymity.
The country has also increased export taxes for iron, copper and nickel ores to 20% from 7%, the official said.
Currently, Vietnam exports all of its crude oil, forecast at 16 million metric tons this year, up 6.7% on year, according to state media.
According to the government, the country is expected to export between 28 million and 29 million tons of coal this year, around 11% less than last year. It didn't provide export figures for metal ores.