Vietnam National Coal-Mineral Industries Group, or Vinacomin, is gearing up to enhance production in the last quarter of this year, a move to fulfill its production targets for 2023.

According to plan, Vinacomin is set to produce 8.5 million tonnes of coal in the fourth quarter of 2023, so as to meet the annual production target of 37.2 million tonnes.

Vinacomin's General Director Dang Thanh Hai revealed that their coal supply to electricity producers is estimated to reach 44-45 million tonnes next year. However, their raw coal output is expected to remain steady, limited by mining volume constraints stipulated in their exploitation licenses.

To bridge this gap, Vinacomin will augment coal imports in the fourth quarter of 2023 by an additional 700,000 tonnes. This measure is designed to maintain a coal reserve of at least 6 million tonnes, thereby meeting the coal demands of thermal power plants from the start of 2024.

The state-owned group continues to actively engage with ministries and branches to address issues related to production and business activities, including challenges associated with exploitation licenses, compensation for site clearance at the Nam Cau Trang Factory, and business cooperation contracts with Vietmindo.

In the last quarter of 2023, member companies are tasked with ramping up production and meeting coal requirements for the broader economy, thereby contributing to the economy.

Reviewing Vinacomin's production and business performance for the first nine months of 2023, General Director Dang Thanh Hai acknowledged the substantial effort exerted by the group, resulting in the successful completion of assigned plans and tasks. Notably, some member companies achieved notable output and revenue increases, along with improved worker income for this period.

The September report from Vinacomin highlights the following key figures: the group produced 2.75 million tonnes of coal, imported 560,000 tonnes, and consumed 3.5 million tonnes. It meanwhile produced 120,000 tonnes of alumina, with sales reaching 137,100 tonnes. The group also manufactured 5,500 tonnes of copper and generated 616 GWh of electricity. In terms of revenue, the group amassed VND13.69 trillion ($560 million) in September, with coal sales contributing VND8.7 trillion.

For the first nine months of the year, Vinacomin achieved a total coal mining output of 28.68 million tonnes, representing 73% of the annual target. This figure represents an impressive 94% increase compared to the same period in 2022.

Additionally, the group sold 36.09 million tonnes of coal during this period, a slight 1% year-on-year increase. Of these sales, 35.66 million tonnes were for domestic consumption, with 30.02 million tonnes allocated for the electricity industry, 1.62 million tonnes for the fertilizer and alumina sectors, 831,000 tonnes for the cement industry, and 3.2 million tonnes for other sectors.

The group's total revenue for the first nine months of the year is estimated at VND127 trillion, remaining unchanged from the same period in 2022. However, coal revenue witnessed a slight decrease of 2% on the year to VND79.4 trillion. 

Vinacomin has contributed approximately VND23.44 trillion to the state budget, marking a notable 42% increase over the same period in the previous year, the report said.

(Writing by Alex Guo  Editing by Harry Huo)
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