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Vietnam metallurgy association raises alarm over illegal iron ore exports to China

Tuoitre News cited Mr Pham Chi Cuong chairman of the Vietnam Foundry and Metallurgy Science and Technology Association as saying that the volumes of raw iron ore illegally exported to China have been on the rise since 2013, hugely affecting taxes collected in Vietnam.

Mr Chong said that “More and more iron ore has been illicitly brought to China after Vietnam banned exports of all raw metal ore and hiked the export tariff on iron ore to 40%. In 2013 around 1.25 million tonnes of iron ore were officially exported to China at USD 48.72 per tonne. But figures from Chinese customs show that 4.5 million tonnes of ore have been imported from the Southeast Asian country at an average of USD 84.75 million per tonne.

He said that “This represents a 3.1 tonne gap in volume, and USD 36.08 per tonne in value, between the two sets of data. The disparities cost Vietnam’s state budget more than VND 3 trillion as duties including natural resources, environment protection, and road maintenance taxes were not collected.”

He added that Vietnam also incurred a loss of more than VND 500 billion a year in collecting the export tariff on the officially exported iron ore, as the export price declared with customs was only half of the real price sold to Chinese importers, which was USD 48.72 compared to USD 84.75 per tonne.

Source – Tuoitre News

(www.nctv.net)

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