Vinacomin targets to continue growth in production this year

Friday, Feb 16, 2024 09:40

Coal exploitation of Hà Tu Coal Joint Stock Company, a Vinacomin subsidiary. Vinacomin's coal output supplied for electricity production in 2023 reached 39.8 million tonnes. — VNA/VNS Photo

Việt Nam Industry Coal and Mineral Industries Group (Vinacomin) plans to produce about 37.4 million tonnes of coal in 2024, a slight increase compared to the output in 2023 according to Vinacomin General Director Đặng Thanh Hải.

This year, Vinacomin expects to contribute VNĐ25.5 trillion to the State budget, consume 50 million tonnes of coal, export 1.4 million tonnes and generate 10.5 billion kWh of electricity. The corporation also plans to import 14.3 million tonnes of coal for electricity.

To complete the 2024 targets, Vinacomin will resolve difficulties in investment procedures, run full capacity in production, promote coal exploration and land lease. It also implements the project restructuring the corporation until 2025.

At the same time, the corporation implements the Prime Minister's plans on national energy; national electricity development; and the planning for exploration, exploitation, processing and use of minerals as construction materials for the 2021-30 period, with a vision to 2050.

Also, the corporation implements flexible solutions on coal import to ensure sufficient supply of the import with appropriate quality and type to mix coal.

It will provide enough coal for power plants having contracts with the corporation. It also preserves and develops the State capital at the business; and ensures jobs, income for workers, and reasonable growth.

The corporation will continue to apply new, advanced and modern technology in production, exploit the maximum value-added chain based on coal and mineral production, increase competitiveness, and save costs.

In addition, it will carry out a project on digital transformation and database connecting all fields, especially executive management. It also promotes building of large databases and upgrades information technology infrastructure to ensure information safety and network security.

It will promote investment, focus on research, exploration, and investment in the development of alumina and aluminium to create a driving force for industrial development in the Central Highlands provinces.

According to Vinacomin's report, they faced many challenges last year including the sudden increase in coal demand for electricity generation, while natural resources declined.

Site clearance for mineral exploitation is also facing obstacles, affecting the stable supply of raw materials for alumina factories in the Central Highlands. Prolonged heavy rain in the Northern mountainous provinces and Central Highlands seriously affected operations.

However, Vinacomin's coal output for electricity production in 2023 reached the highest level ever at 39.8 million tonnes, increasing by 4.8 million tonnes over the same period in 2022.

The corporation's main targets in production and business increased compared to the results in 2022.

Vinacomin also contributed a record high amount of about VNĐ29 trillion to the State budget, an increase of 41 per cent compared to the plan, since the establishment of the corporation.

Its entire revenue in 2023 reached VNĐ170 trillion, a light increase compared to the plan, while it gained a profit of VNĐ6.05 trillion, an increase of VNĐ1.05 trillion compared to the target. — VNS

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