VIMICO: 27 years of development

VIMICO: 27 years of development

The Vinacomin-Minerals Holding Corporation (VIMICO), formerly Vietnam Minerals Corporation, was established on October 27, 1995. Over the past 27 years, the corporation has overcome numerous difficulties and challenges to become a leading business in the field of nonferrous metallic mineral exploitation and processing.

Copper screening plant No. 2

Enhancing production efficiency

In 2022, the corporation continues facing difficulties due to decreased amounts of natural minerals and crude ores, complicated procedures related to the application for a mining license or a license extension, and tightened policies and sanctions in environmental management and mining controls.

Moreover, complicated COVID-19 developments still hinder the customs clearance process at the Vietnam-China border crossings, affecting the supply of production materials for the corporation.

The hike in prices of materials and fuels also increase VIMICO’s production costs, while the selling price of some metals decreased in July and August, affecting the corporation’s production and trade efficiency.

A mineral processing line

In this context, the Party Committee, Management Board and Directorate of the corporation have guided its member units to take decisive measures to prevent the spread of COVID-19 while at the same time flexibly managing production to ensure productivity, quality and efficiency. In the third quarter of 2022, the corporation’s consolidated revenue reached VND3.165 trillion, equivalent to 119.16 percent of the quarterly plan and up 1.75 times compared with the same period last year. In the first nine months, the revenue reached VND8.807 billion, equivalent to 75.2 percent of the annual plan and 158.27 percent of that in the same period last year.

Nine-month pretax profit reached VND299 billion; tax payment exceeded VND1.022 trillion, equivalent to 107.8 percent of the plan; and per-capita income reached VND13.621 million per month.

VIMICO supports needy workers

Striving to achieve targets

In the fourth quarter of 2022, VIMICO is focusing its efforts on measures to increase productivity and improve management efficiency, striving to achieve the targets set for the year. These include total revenue to reach VND11.725 trillion or 100 percent of the annual plan, pretax profit of VND400 billion, and tax payment VND1.272 trillion.

At the same time, the corporation will tighten inspection to ensure occupational safety and hygiene, prevent fire, ease natural disasters, and protect the environment.

Along with these efforts, VIMICO is accelerating the restructuring of the corporation to improve and renovate internal management. Special attention will be paid to seeking commercial materials (copper and iron ores) to ensure sufficient supply for metallurgical plants in 2023 and ensuing years.

VietNam Economic News