On July 18, Vietnam Government approved the Master Plan on Exploration, Exploitation, Processing, and Use of Mineral Resources for the 2021-2030 period with a vision to 2050 (Decision 866/2023/QD-Ttg). The plan seeks to prioritize policies and regulations for effective and economical resource management, aligning with economic development, environmental preservation, and climate adaptation, ultimately striving for carbon neutrality and the advancement of a cutting-edge and environmentally friendly mining and processing industry.
Exploration and extraction of minerals that are strategically important and have large reserves such as bauxite, titanium, rare earth, chromite, nickel, copper, and gold will only open to licensed mining enterprises that possess modern and environmentally friendly technology. Enterprises must also comply with market-based electricity pricing for new electrolysis-based aluminum products to enhance the use of renewable energy. The plan necessitates an estimated investment of about US$18.6 billion for mineral projects in the 2021-2030 period and over US$9.33 billion in the 2031-2050 timeframe.
This master plan is followed by a decision on Geological and Mineral Strategy through 2030 with a vision to 2045 signed by Deputy PM Ha on April 1 (Decision 334/2023/QD-TTg). The strategy aims for thorough mineral investigations, including coal, uranium, titanium-zircon, and rare earths by 2045, prioritizing eco-friendly mineral management, advanced mining technologies, and a modern industry in line with green practices and climate adaptation, to replace obsolete and polluting mining facilities.
Furthermore, starting July 15, 2023, under Decree 27/2023/ND-CP, Vietnam will impose an environmental protection fee for mineral exploitation. Accordingly, tax agencies will levy a fee of 100,000 VND (US$4.25) per ton for crude oil, 50 VND per cubic meter for natural gas and coal gas, and 35 VND per cubic meter for the natural gas generated during the oil exploitation process.
