Vinacomin asked to ensure coal supply, enhance quality
Deputy Prime Minister Trinh Dinh Dung asked the Viet Nam National Coal – Mineral Industries Holding Corporation Limited (Vinacomin) to ensure sufficient coal supply and seek measures to improve coal quality in 2019.
Speaking at Vinacomin’s conference on Wednesday to review 2018 business results and develop orientations for 2019, Dung said that coal demand was increasing, especially for power generation, which was estimated at 58 million tonnes this year, 90 million tonnes in 2025 and 130 million tonnes in 2030.
“Vinacomin must strive to ensure enough coal supply for socio-economic development,” Dung said.
In addition, focus must be placed on improving coal quality through applying modern technologies in production as well as on protecting the environment, Dung said.
He also urged Vinacomin to improve the efficiency of its bauxite projects with focus on environmental protection and promoting local socio-economic development.
Vinacomin’s general director Dang Thanh Hai said that as coal production was more difficult, the company this year would renovate production technology, strengthen automation to ensure labour safety, improve productivity, reduce cost and enhance product competitiveness for sustainable growth.
In 2019, Vinacomin targeted to reach a production output of 40 million tonnes, revenue of VND128 trillion (US$5.6 billion) and average monthly salary of VND11.3 million, from VND10.8 million in 2018. It estimated total coal consumption demand at 42 million tonnes in 2019.
Vinacomin’s report showed that the company achieved positive business results in 2018 with all indicators exceeding the targets.
Coal production in 2018 reached 35.96 million tonnes, equivalent to 107 per cent of the target for the full year. Sales of coal in the domestic market were estimated at 38.7 million tonnes while exports totalled 1.8 million tonnes.
Aluminium production was at VND1.31 million tonnes, 170,000 tonnes higher than 2017. Vinacomin’s electricity output totalled 9.4 billion kWh, accounting for nearly 5 per cent of the country’s total electricity output.
Vinacomin earned VND121.7 trillion revenue in 2018, seven per cent higher than the target. Its export revenue was estimated at $780 million, 36 per cent higher than the target.
Its profit in 2018 doubled the target to reach VND4 trillion and VND1 trillion higher than 2017. Vinacomin contributed VND16 trillion to the State budget last year.
The company also focused on restructuring in 2018, collecting VND235.9 billion from divesting out of non-core businesses.