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Vinacomin proposes Vietnamese government to reduce coal export tax to 0%

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Vietnam National Coal and Minerals Industries Group (Vinacomin) recently made a proposal to government to reduce coal export tax from 20% to 0% to overcome the difficulty from higher production cost and weak demand.

According to Vinacomin’s previous forecast for this year, around 31 million tons of coals are for domestic market and 14.5 million tons are for overseas demand. However, the situation is not as expected, even worse.

The coal export prices dropped substantially by 8%~36% depending on types, in comparison with September, 2011 when the 20% coal export tax was imposed.

By the end of April 2012, the total coal sales were 12.9 million tons, only 28.3% of the annual target.

Due to the sluggish consumption, there are very high coal inventory. According to the data provided by Vinacomin, its coal inventory reached 7.5 million tons by the end of the first quarter of this year.
News Date 10 May 2012 13:16:11 reported by Ivy Wei

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