Vinacomin targets 5.5-6% annual revenue growth

Wednesday, Feb 01, 2017 08:18

A coal selection line in north-eastern Quang Ninh Province’s Cam Pha City. - Photo
Viet Nam National Coal and Mineral Industries Group (Vinacomin), the nation’s biggest coal miner, is eyeing average annual revenue growth between 5.5 per cent and 6 per cent, until 2020.

Vinacomin has got Prime Minister Nguyen Xuan Phuc to approve its five-year business production and investment plan, which seeks to produce 42 million tonnes of coal and cut the extraction losses between 5 per cent and 20 per cent.

It expects to meet the domestic demand, ensure national energy security and seek new export markets.

The company also plans to import nearly 8 million to 9 million tonnes of coal to serve the economic sectors at home, especially in electricity generation.

Further, it will operate thermal and hydropower coal plants with a total output of 10.2 million kWh, accounting for over 4-5 per cent of the country’s total electricity.

Earlier this month, Deputy Prime Minister Trinh Dinh Dung urged Vinacomin to renovate its production technologies in the chemical industry to supply industrial explosive material, drilling and blasting services for coal and mineral production, and improve the production capacity at mechanical factories.

He also advised Vinacomin to focus on coal exploitation and trading to ensure national energy security. Besides, it must improve the competitiveness of its products and help protect the environment to contribute to the socio-economic development of the country, he said.

He also expected the group to improve the quality of its investment projects to prevent losses. The coal sector should seek solutions to protect the environment during coal exploitation, transport and usage, he said. In addition, Vinacomin should focus on restructuring and reviewing its key products in each investment period. It should also invest in technologies and human resources to increase productivity, and labour safety.

Last year, the group earned a revenue of more than VND101 trillion (US$4.45 billion), 5 per cent lower than 2015, while its profit hit VND800 billion, reported.

The online newspaper quoted Vinacomin General Director Dang Thanh Hai as saying that 2016 was considered the most difficult year for the group, as it saw a significant increase in the quantity of coal imported. -VNS  

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