The Vietnam National Coal and Mineral Group (Vinacomin) has accelerated coal production and sales in order to meet targets set for the first six months of this year.
The group said that its coal output during January-May reached 16.87 million tonnes while 17.6 million tonnes were sold, or 47.7% and 48.9% of the set yearly target. Of the total sales, 16.87 million tonnes were consumed domestically and 727,000 tonnes were exported.
In the period, the group’s revenue was estimated at VND52.5 trillion (US$2.28 billion), accounting for 46.1% of the yearly plan and up 23% on a yearly basis.
Coal inventories of the sector were around 7.35 million tonnes, down 1.66 million tonnes from the beginning of the year.
In June, Vinacomin aims to produce 3.4 million tonnes of coal and sell 4 million tonnes, of which 3.77 tonnes will be sold to domestic customers and 230,000 tonnes exported, thus reducing the coal inventories to under 7 million tonnes.VNA
The group has revised its coal sale target from 36 million tonnes to 38 million tonnes in 2018.
Global high coal prices are creating favourable conditions for Vietnam’s coal export, according to Vinacomin. From mid-May, coal price has increased to more than US$100 per tonne.
As part of efforts to realised the goal, Vinacomin has asked its units to balance production and demands to reduce inventories, while making rational investment and streamlining the apparatus in accordance with their restructuring project.
Vinacomin’s members have focused on coal that is in high demand and processed high-quality coal. High productivity was recorded in Deo Nai coal company, Coc Sau company, Duong Huy company, and Tay Nam Da Mai company.
Besides coal, the group aims to produce 112,000 tonnes of alumina and 850 million kWh of electricity in June, bringing the total production in the six-month period to 660,000 tonnes and 5.1 billion kWh, accounting for 54% and 55% of the set target for the whole year, respectively.