Minerals, Mining, Oil & Gas

Why resources need a chapter of their own

In most sectors a foreign investor's question is whether the market is open and which certificate the project needs. In mining and petroleum there is a prior question: the investor needs a grant of the resource itself. Article 53 of the Constitution makes minerals and other natural resources public property owned by the entire people, with the State as owner's representative. A land use right, however secure, carries no right to what lies beneath the surface, and no contract between private parties can create one. Minerals are released through exploration and mining licences issued under the Law on Geology and Minerals; oil and gas through a petroleum contract signed with Petrovietnam and approved by the Prime Minister. The ordinary investment, company, land, tax and environmental rules apply on top of the resource grant, not instead of it.

Both regimes changed heavily between 2022 and 2026, and both now sit with the Ministry of Industry and Trade (MOIT). Older guides, and many forms still in circulation, refer to the Law on Minerals 2010, to the Ministry of Natural Resources and Environment and to the Vietnam Oil and Gas Group. None of those is current. The legal framework, the institutions and the September 2026 transfer of geology and minerals to MOIT are explained in The minerals legal framework and the regulators.

Minerals: groups, licences and auctions

Article 6 of Law No. 54/2024/QH15 sorts minerals into four groups by use: Group I (metallic and energy minerals, precious and semi-precious stones and industrial minerals), Group II (minerals for cement, tiles, sanitary ware, glass, facing stone, industrial lime and refractories), Group III (common construction materials, peat, mineral mud and natural mineral and hot water) and Group IV (fill materials). The group decides who grants the licence. Since Law No. 147/2025/QH15 took effect on 1 January 2026, the ministry licenses Group I and offshore areas beyond provincial sea boundaries, while provincial People's Committee chairpersons license Groups II, III and IV, Group I in designated small and dispersed areas, and salvage mining. Mining rights in planned areas are auctioned as a rule under Article 100, with a list of exceptions that the 2025 amendment widened. The groups, the licensing map, the auction rules and the mining-rights fee are in Mineral groups, licensing and auctions.

A project then moves through an exploration licence of up to 48 months, the recognition of reserves by the National Mineral Reserve Assessment Council or the province, and a mining licence of up to 30 years that may be extended by up to 20 years in total. Decree No. 193/2025/ND-CP requires the explorer to fund the whole exploration budget from equity or a bank guarantee, and the miner to hold equity of at least 30% of total investment or committed financing for the whole. Group IV fill materials are mined without an exploration licence. The procedures, time limits, transfer rules and grounds for revocation are in Exploration and mining licences.

Rare earths, exports and the cost of mining

Rare earths are now handled as a special strategic mineral. Under the 2025 amendment and the articles that Decree No. 21/2026/ND-CP added to Decree No. 193/2025/ND-CP, every rare-earth exploration or mining licence and every transfer needs the Prime Minister's written approval, mining must be tied to processing to products of at least 90% total rare-earth oxides, unprocessed rare-earth minerals may not be exported, and international cooperation is permitted only with partners the Prime Minister approves. The export of other minerals is limited to the lists and technical standards set by MOIT and the Ministry of Construction, and many ores bear export duty. See Strategic minerals, rare earths and exports.

A mine pays natural resources tax at rates fixed by Resolution No. 1084/2015/UBTVQH13 (14% for iron ore, 17% for gold and 18% for rare earths, for example), the fee for granting mining rights calculated as T = Q x G x R under Article 132 of Decree No. 193/2025/ND-CP, an environmental protection fee, export duty where it applies, and corporate income tax, which Article 10(4) of Law No. 67/2025/QH15 sets at 50% for precious and rare minerals, or 40% where at least 70% of the area lies in especially disadvantaged areas. The mining licence application must carry an approved environmental impact assessment or an environmental licence, and the miner must lodge an environmental rehabilitation deposit and close the mine at its own cost. See Mining taxes, fees and the environment.

Oil and gas: Petrovietnam and the production sharing contract

Petroleum is governed by Law No. 12/2022/QH15, in force since 1 July 2023, and Decree No. 45/2023/ND-CP. MOIT is the regulator, the Prime Minister approves contracts, the list of incentivised blocks and transfers of interests, and Petrovietnam, renamed the Vietnam National Industry - Energy Group in April 2025 but still known as PVN, signs and manages every contract for the State. Approval of the contract replaces investment policy approval, and MOIT then issues the contractor's Investment Registration Certificate. Oil and gas processing, LNG import terminals and gas-fired power plants fall outside the Petroleum Law and are licensed under the investment, electricity and sector rules. See The petroleum framework and Petrovietnam.

The production sharing contract is the standard vehicle, and Decree No. 45/2023/ND-CP annexes a model. Contractors are selected by open bidding, restricted bidding, competitive offer or direct appointment. A contract runs for up to 30 years with an exploration period of up to five, or 35 and ten years for incentivised blocks. Cost recovery is capped at 50% of annual production for ordinary blocks, 70% for incentivised blocks and 80% for specially incentivised ones under Article 33 of the law; corporate income tax is fixed per contract between 25% and 50%, and incentivised blocks pay 32% with 10% crude export duty, specially incentivised blocks 25% and 5% under Article 54. See Petroleum contracts and fiscal terms.

Decommissioning, local content and the 2027 law

Every contractor must submit a decommissioning plan within one year of first commercial production and pay annually into a decommissioning fund held by PVN; the payments are recoverable costs. The contract must also contain commitments on training, a research fund and priority for Vietnamese labour and services, and the contractor must sell its crude and gas in Vietnam when the Government so requires. Law No. 10/2026/QH16, passed on 23 August 2026 and in force from 1 March 2027, keeps the production sharing model but decentralises approvals to the State management authority and to PVN, adds incentives for small, marginal, deepwater and far-offshore fields, and introduces a framework for carbon capture and storage linked to petroleum operations. Its implementing decree was still in draft at the review date. See Decommissioning, local content and the 2027 Petroleum Law.

How to use this chapter

An investor in minerals should read the first three sections in order, then the section on strategic minerals if the target is a metallic or critical mineral, and the section on taxes and the environment before building a financial model. An oil and gas company should start with the petroleum framework and read the contracts section before any block nomination or farm-in. Matters covered elsewhere are linked rather than repeated, in particular Investment policy approval, Land recovery, compensation and non-use, Corporate income tax and Investor-State disputes and treaty claims. Each section ends with the related FAQs, the official sources and a question to put to Lawbot about your own facts. The position is stated at 10 October 2026; the 2027 changes to the Petroleum Law and the further amendments to the Law on Geology and Minerals due on 1 January 2027 should be checked before any transaction closes.