The State-owned Vietnam National Coal, Mineral Industries Holding Corporation Limited (Vinacomin) reported to maintain the year on year growth of 19 percent in the first nine months of 2011, one of the highest among State-owned economic groups and corporations. With this growth, the coalminer is almost certain to complete its annual business plans ahead of schedule.
Impressive figures
Vinacomin raked in VND65,682 billion of revenues in the first nine months. In particular, it produced 35.6 million tonnes of coal, sold 32.6 million tonnes, cleared 184.7 million cubic metres of earth and rock, and dug 273.9 kilometres of mines. It also generated and sold 4,798 million kWh of electricity and produced 48,000 tonnes of industrial explosives. Outperforming units in the nine-month period included Mong Duong, Ha Lam, Nui Beo and Hon Gai. The group is striving to complete this year’s business targets assigned by the Ministry of Industry and Trade, with the growth of 15 percent and average monthly salary of VND7.5 million each worker.
Vinacomin ranked seventh in the Top 10 biggest taxpayers in 2011, with VND64,847 billion, more than doubling the amount of VND25,772 billion in 2010.
The group is accelerating the progress of its underway projects, including Khe Cham III project with a designed annual output of 2.5 million tonnes (expected to be started commercial operations in late 2014 or early 2015); Nui Beo mine project with a yearly production of 2 million tonnes; Khe Cham II and IV mine projects with a annual capacity of 3.5 million tonnes (to be commenced operations in 2017). Vinacomin is carrying out other projects, including Nga Hai Quang Hanh, Khanh Hoa, and Red River basin.
Focus on sustainable development
With energy security, economy and effective use policies, Vietnam started importing coal in June after years of export. Vinacomin is capable of producing 55-60 million tonnes of coal in 2015, 67-72 million tonnes in 2020 and over 77 million tonnes in 2025. However, the country is forecast to lack some 5.8 million tonnes for domestic consumption. The shortfall volume is estimated to reach 25 million tonnes in 2016 and 66 million tonnes in 2020.
To tally up, Vietnam will import some 6 million tonnes of coal in 2015 and the volume will increase in the subsequent years, depending on the demand. Users are mainly coal-fired power plants. According to the Government’s guidance, Vinacomin will trim down export and import as well. In the first nine months of this year, coal export fell 13.7 percent.
To ensure sustainable development, the group focus on boosting labour productivity, minimising workers in the pits, increasing output, and applying advanced technologies. Currently, Vinacomin has over 32,000 people and the force will be expanded to 50,000 by 2020 if current technologies are still in use. As scheduled, the coal industry will apply additional policies and mechanisms to improve living conditions for workers.
Vinacomin also sets stores by environmental protection. The group is planting trees in Nam Deo Nai dump site, treating wastewater in Trang Khe mining area, training workers specialised in mine environment improvement and restoration, and processing pit wastewater.
Leading in divestiture from non-core businesses
According to the guidance of the Government, Vinacomin is the first State-owned group to divest from noncore investments. Vinacomin has recently revealed a plan to retreat from VNA Insurance Company (VNI), the start of a series of Vinacomin’s divestments in noncore fields in 2011.
The Board of Members of Vinacomin decided to completely retreat from associated companies like VNA Insurance Company (VND50 billion), BIDV Expressway Development Joint Stock Company (VND10.5 billion), Hai Ha Economic Zone Development Investment Joint Stock Company (VND47.8 billion) and Long Thanh International Airport Joint Stock Company (VND7.5 billion).
Huong Ly
Vietnamese
