The Aluminum-Bauxite Complex Project in Central Highlands’ Lam Dong Province has started seeing profit, expecting to earn VND1.2 trillion (US$52.6 million) per year, following three consecutive years of losses.

The project was forecast to incur losses for the first five years of operation, but it has seen profits right from the fourth year, which was considered a success, Deputy Minister of Industry and Trade Do Thang Hai said during his visit to the project on Saturday.

According to the Viet Nam National Coal and Mineral Group (Vinacomin), the project’s investor, Lam Dong Bauxite-Aluminum Complex has total investment of VND15.4 trillion.

When beginning operations, the project had completed over 98 per cent of designed capacity. It is expected to reach 100 per cent of it designed capacity this year, equivalent to 630,000 tonnes of aluminum.

In the first six months of 2017, the total output of aluminum produced reached 325,900 tonnes, equal to 51 per cent of the yearly plan. Sales in the first six months touched VND2 trillion.

An inspection undertaken by the Ministry of Finance revealed that the Lam Dong Aluminum-Bauxite Complex incurred a loss of nearly VND3.7 trillion following the first three years of operation.

Of the estimate, loss from production was VND2.52 trillion, accounting for 70 per cent, and the remaining was due to fluctuation in the foreign exchange rate. — VNS