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Vinacomin to import coal in 2016

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Publish time: 26th October, 2015      Source: www.cnchemicals.com
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The Viet Nam National Coal and Mineral Industries Group (Vinacomin) would start to import 2-3 million tonnes of coal in 2016, it said in its recent reports to the Ministry of Industry and Trade.Vinacomin said the import amount was expected to gradually increase in the future and would reach 18-20 million tonnes by 2020.The domestically produced coal would be 42 million tonnes in 2020, the group said.Vinacomin’s production and businesses had faced difficulties. Between 2011 and 2015, coal exports had reduced sharply both in quantity and price due to the economic crisis.In 2011, coal consumption was 44.71 million tonnes including 16.9 tonnes for exports with a profit of $382.2 million. In 2012, coal exports continued to drop with local consumption at 24.8 million tonnes and exports at 14.4 million tonnes.Coal consumption was also showing a downward trend between 2013 and 2015 while increasing taxes and fees had raised production costs."Vinacomin has lacked capital for investment. That is the reason the group is finding it difficult to increase productivity, especially coal for electricity production," it said, and added that the flood in July and August caused serious damage of around $53.3 million to its production.The group's mineral production has also encountered problems due to decreasing exports and high inventory, with output from 2011 to 2015 reaching 60% of the set target.Dang Thanh Hai, Vinacomin's general director has worked with Japanese Marubeni Group on electricity and coal import.