The Vietnam National Coal and Mineral Industries Corporation (Vinacomin) set a goal of selling about 36 million tonnes of coal in 2018, up 2.5 million tonnes compared to 2017.

The Vietnam National Coal and Mineral Industries Corporation (Vinacomin) set a goal of selling about 36 million tonnes of coal in 2018, up 2.5 million tonnes compared to 2017

The figure was released at a conference to review the group’s business plan and contracts for 2018, which was held on December 25.

Vinacomin said it planned to export 1.9 million tonnes of coal next year, an annual increase of 400,000 tonnes, while importing about 500,000 tonnes of coal.

Coal inventory was also set to be cut to 8 million tonnes in 2018 from over 10 million this year.

To realise these goals, the group said it has promptly signed mining and production contracts with its subsidiaries in line with market demand and environment protection regulation.

As heard at the function, in 2017, Vinacomin posted 107 trillion VND (4.7 billion USD) in revenue, up 6.1 percent year on year. Coal production contributed 53.6 trillion VND (2.35 billion USD) to the total. 

The group’s profit stayed at 2 trillion VND (88 million USD), doubling that of 2016. It added 13.4 trillion VND (589.6 million USD) to the State budget, an annual growth of 400 billion VND (17.6 million USD).

Following structure restructuring during the year, Vinacomin now owns 100-percent stake in four out of its 47 subsidiaries.-VNA