In his speech, Mr Hai praised the group’s achievements last year in promoting production growth, meeting the needs for domestic consumption and exports and restoring coal exploitation in the northern province of Quang Ninh.

Vietnam is coping with great challenges in domestic energy security because its coal reserves are not currently sufficient, therefore, it is imperative to boost coal production and save and balance energy sources. The need for coal is predicted to hit 200 million tonnes by 2020 and 300 million tonnes by 2025. The Government has asked TKV to create a long-term plan to exploit 100 million tonnes by 2020, said Mr Hai.

The Deputy PM also asked TKV to ensure good environmental practices in oil exploitation, effectively implement a coal development project in the Red River Delta and pay more attention to training human resources. Over the five-year plan (2011-2015), TKV should also come up with solutions to cope with the impact of climate change, Mr Hai added.

In 2010, TKV aims to earn VND62,300 billion in total revenue, of which VND3,500 billion in profit, up 8 percent from last year’s figure.