Vietnam to export two million tonnes of coal this year

Vinacomin is allowed to export up to 1.2 million tonnes of coal dust and 800,000 tonnes of lump coal, while Dong Bac, a business run by the Ministry of Defense, is set to export up to 30,000 tonnes of lump coal.

As a result, the total amount of coal exported by the two enterprises this year will increase by nearly half a million tonnes compared to 2021.

The MoIT noted that the export of coal must not impact the source of raw materials necessary for domestic consumption and production. In addition, the export brings about higher economic efficiency than domestic sales that helps maximise the economic benefits for the State and local enterprises.

Last year both Vinacomin and Dong Bac were allowed to ship abroad 1.55 million tonnes of coal.

The price of coal in the world market has been increasing rapidly in recent times. On March 3, high-quality thermal coal futures contract in Asia rose to US$446 per tonne, the highest level recorded since 2008.

The rise was attributed to concerns relating to supply disruptions from Russia, and Indonesia's January decision to ban coal exports, among others.