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| The NA passes Geology and Mineral Law.__Photo: VNA |
The Geology and Mineral Law, which was passed on November 29, 2024, and will come into force on July 1 this year, is expected to help create a consistent and unified legal framework for the management and exploitation of geological resources and minerals.
With 111 articles arranged in 12 chapters, the Law provides for basic geological surveys; geo-mining investigations; protection of unexploited mineral resources; mineral exploitation; mineral recovery; and finance in the geology and mineral sector.
It also specifies state management within the scope of Vietnam’s mainland, offshore islands, internal waters, territorial waters, contiguous zones, and exclusive economic zone and continental shelf.
The Law strictly prohibits the trading of minerals of illegal origin and deployment of mining activities without approval and permission from competent state management agencies. Acts of taking advantage of geological and mineral investigation to infringe upon the interests of the State or cause harms to organizations, individuals or the community, or intentionally destroying valuable geological and mineral specimens are also forbidden.
Worthy of note, the Law classifies minerals into four groups so as to develop appropriate approach from the stage of planning, licensing and supervising mineral exploration and mining activities to mine closure. The maximum mineral exploitation period under an investment project is 30 years and such period may be extended in some necessary cases but must not exceed 50 years.
Compared with the 2010 Mineral Law, this Law specifies cases where it is permitted to exploit minerals without requiring the formulation of mineral master plans such as exploitation of minerals, scattered, recovery and enhanced recovery of minerals, and cases where mining licenses will be granted not based on geological and mineral management plans.
The Law states that the State will organize the closure of mines in case the owners of mining projects go bankrupt or are unable to close mines themselves.
It also adopts policies to promote the use of environment-friendly technologies, equipment and materials as well as the application of circular economy models in mining and processing activities.- (VLLF)
