VINACOMIN asked to divest non-core firms

May 21, 2015 | 14:30

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Deputy PM Hoang Trung Hai has asked the Viet Nam National Coal and Minerals Industries Group (VINACOMIN) to accelerate the restructuring and divestment of non-core businesses, including banks and ports.

A transport line for processed coal in Quang Ninh Province's Cam Pha District set up by Cua Ong Coal Company, a subsidiary of the Viet Nam National Coal and Minerals Industries Group. VNA/VNS Photo Trong Dat

At the group's meeting in Ha Noi on Monday, Hai also asked them to concentrate on core businesses.

In addition, he urged VINACOMIN to mobilise other resources to attract capital for basic investments and improve coal exploitation with approved planning.

He also told the group to give priority to labour safety.

The group said it divested six out of eight units during the first quarter of the year for a total of VND1.79 trillion (US$82.4 million).

It is planning to withdraw its investments in the two remaining units this year.

The group has set a target of 6.5-7 per cent annual growth rate for 2016-20.

To meet the target, the group will enhance its investments in constructions, developing science and technology, and modernising production units. At the same time, it will improve labour safety, take environmental protection measures, and balance resources to ensure the progress of projects.

It will strive to improve workers' salary as well as working conditions.

VINACOMIN has renewed its administration to increase competitiveness, saving costs by 3-5 per cent.

VNS

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