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Home  >>   Daily News  >>Vietnam>>Economy>>Vinacomin targets 5.5-6% annual revenue growth
NEWS UPDATES Asean Affairs     January 31,  2017  






Vinacomin targets 5.5-6% annual revenue growth

Viet Nam National Coal and Mineral Industries Group (Vinacomin), the nation’s biggest coal miner, is eyeing average annual revenue growth between 5.5 per cent and 6 per cent, until 2020.

Vinacomin has got Prime Minister Nguyen Xuan Phuc to approve its five-year business production and investment plan, which seeks to produce 42 million tonnes of coal and cut the extraction losses between 5 per cent and 20 per cent.

It expects to meet the domestic demand, ensure national energy security and seek new export markets.

The company also plans to import nearly 8 million to 9 million tonnes of coal to serve the economic sectors at home, especially in electricity generation.

Further, it will operate thermal and hydropower coal plants with a total output of 10.2 million kWh, accounting for over 4-5 per cent of the country’s total electricity.

Earlier this month, Deputy Prime Minister Trịnh Dinh Dung urged Vinacomin to renovate its production technologies in the chemical industry to supply industrial explosive material, drilling and blasting services for coal and mineral production, and improve the production capacity at mechanical factories.

He also advised Vinacomin to focus on coal exploitation and trading to ensure national energy security. Besides, it must improve the competitiveness of its products and help protect the environment to contribute to the socio-economic development of the country, he said.

He also expected the group to improve the quality of its investment projects to prevent losses. The coal sector should seek solutions to protect the environment during coal exploitation, transport and usage, he said. In addition, Vinacomin should focus on restructuring and reviewing its key products in each investment period. It should also invest in technologies and human resources to increase productivity, and labour safety.

Last year, the group earned a revenue of more than VND101 trillion (US$4.45 billion), 5 per cent lower than 2015, while its profit hit VND800 billion, baodautu.vn reported.

The online newspaper quoted Vinacomin General Director Đặng Thanh Hải as saying that 2016 was considered the most difficult year for the group, as it saw a significant increase in the quantity of coal imported. -VNS  


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ASEAN  ANALYSIS

This year in Thailand-what next?


AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 


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