Vinacomin forecasts more demand for coal

Tuesday, Jan 07, 2020 16:59

A coal mine of Vinacomin in Mao Khe Mining in Quang Ninh Province. Vinacomin forecasts another 10 per cent in local consumption demand this year. — VNA/VNS Photo

The Viet Nam National Coal – Mineral Industries Holding Corporation Limited (Vinacomin) forecasts another 10 per cent in local consumption demand this year.

The firm’s deputy director Nguyen Hoang Trung said: “Vinacomin targets a production capacity of 40.5 million tonnes this year, as much as it produced in 2019.” He also forecast about 49 million tonnes of coal will be needed for local consumption in 2020.

According the Department of Customs, coal imports increased sharply in 2019 to serve increasing electricity demand. The department calculated in the first eleven months of 2019, Viet Nam spent $3.45 billion on coal imports.

This year, Trung said the coal firm will pilot its light mechanisation in underground coal mining to save human resources and improve mining work. It will also standardise and upgrade its ports and logistics services to boost imports and exports.

The deputy director said: “The firm strives to reach VND138 trillion ($5.95 billion) in revenue, VND3.5 trillion in profit and also pay another 2.5 per cent to the average salary of its employees.”

In 2019, the firm’s production reached 40.5 million tonnes and consumption reached 44 million tonnes, the highest output it has recorded since 2014. At the same time, the firm’s turnover reached VND131.5 trillion, a increase of 9 per cent year-on-year and its profit also increased VND1 trillion to reach VND4 trillion. Vinacomin also paid VND18.1 trillion to the State Budget, an increase of VND1.5 trillion.

According to the Ministry of Industry and Trade, the firm saw the highest growth in the industrial sector.

Establish in 1995 as a State-owned firm, Vinacomin is now the largest coal firm in Viet Nam with 96,977 employees. — VNS

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