Coal consumption improves in Q1
The Vietnam National Coal and Mineral Group (Vinacomin) sold 8.6 million tonnes of coal in the first quarter of 2017, up 3% compared to the same period last year.
Vinacomin released the figures while reviewing its operation in the first three months at a conference in the northern province of Quang Ninh on April 10.
The group reeled in nearly VND13 trillion (US$572 million) from coal sales and contributed more than VND4.3 trillion (US$189.2 million) to the State budget.
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However, combined coal inventories came to 9.3 million tonnes, higher than the regulated amount of 8.5 million tonnes.
Vinacomin Deputy General Director Nguyen Ngoc Co said the group has faced challenges selling its coal products due to high cost and coal imports from foreign countries.
The business strategy for the next quarter will prioritise production restructuring with a focus on technology and adjust output according to market demand, he noted.
Goals set for the coal sector in the second quarter included the exploitation of 8 million tonnes and selling of at least 9 million tonnes.
At the conference, alumina business was also mentioned as a highlight of Vinacomin’s performance in the first quarter, with the total output of over 312,000 tonnes, which was sold out.
