Vinacomin meets demand but electricity output remains low

Wednesday, Jan 15, 2014 08:19

Coal being produced at Cua Ong Coal Production Company in northern Quang Ninh Province. The Viet Nam Coal and Mineral Industries Group (Vinacomin) generated total revenue of VND100 trillion last year. — VNA/VNS Photo Minh Dong

HA NOI (Biz Hub) — The Viet Nam Coal and Mineral Industries Group (Vinacomin) generated a total revenue of VND100 trillion (US$4.76 billion) in 2013, representing a 4 per cent increase over the previous year.

Coal production and trading accounted for VND55 trillion of the total revenue (a year-on-year rise of 1 per cent), while power generation accounted for VND9.3 trillion. Mineral mining accounted for VND3.9 trillion.

The group's profit climbed to VND3 trillion ($142.8 million), surging 20 per cent against the target set for the year, enabling a contribution of over VND12 trillion ($571 million to the State budget.

The figures were released yesterday at the group's annual business review meeting in Ha Noi.

Speaking at the meeting, Deputy Prime Minister Hoang Trung Hai said Vinacomin posted better results in power generation than Electricity of Viet Nam (EVN) and the National Oil and Gas Group (PetroVietnam).

Hai said Vinacomin's electricity projects faced no difficulties and had contributed to meeting the country's demand for electricity last year.

Nevertheless, he noted that annual electricity output per capita is still low at 1,400kWh, which is about one-tenth the level of developed countries and one-fifth the level of regional countries.

Data from the group showed that power production and consumption last year was 8,500kWh, 36 per cent higher than 2012. Revenue from power production and sales rose to VND9.39 trillion, 11 per cent higher than the target.

This year, Vinacomin aims to maintain the operations of its power plants, including Na Duong, Cao Ngan, Son Dong, Cam Pha 1, Cam Pha 2 and Mao Khe.

The Deputy PM also urged the group to improve the productivity of it aluminum projects, while monitoring effectiveness and environmental protection measures.

Vinacomin's general director, Le Minh Chuan, said the group planned to extract 37.7 million tonnes of coal this year, while coal consumption is estimated at 35 million tonnes. The focus of demand would be on the mechanical industry, he added.

It also aims to generate 8.5 billion kWh of power.

This year's revenue target is set at VND105.5 trillion and the group's contribution to the State budget is estimated at VND10.5 trillion.

Worker salaries are estimated to increase 5 per cent from the previous year. — VNS

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