Vietnam Increases Tax on Crude Oil Production to as Much as 10%

By Ta Bao Long

Jan. 21 (Bloomberg) -- Vietnam raised its natural resources tax on crude oil by two percentage points to as much as 10 percent, effective Jan. 19, the government said in a statement on its Web site today.

The government also doubled the tax on coal to 6 percent, according to the statement.

The oil tax will be as much as 10 percent for projects producing between 20,000 to 50,000 barrels of crude oil a day.

Projects with a capacity of less than 20,000 barrels a day will pay a tax of 6 percent to 8 percent, depending on whether the investment is in a category that’s being prioritized by the government.

To contact the reporter on this story: Ta Bao Long in Hanoi at longta@bloomberg.net