Vinacomin focuses investment on key projects

At Vinacomin’s January 14 conference in Hanoi, Hai said the group must proactively respond to emerging challenges and ensure key projects can rely on sufficient capital and human resources.

It should accelerate coal mine construction in anticipation of increasing demand and apply comprehensive labour safety measures, he said, adding the private sector can help with restructuring and mobilising investment.

The Deputy PM acknowledged improvements in thermal power projects have been better but emphasised greater efforts are needed as Vietnam’s electricity still depends on imported coal.

Hai encouraged the Ministry of Industry and Trade and Vinacomin to pursue trial coal exploitation in the Mekong Delta.

Vinacomin General Director Le Minh Chuan said the group has planned a series of measures to accelerate coal exploitation and improve the quality and efficiency of its operations.

It aims to mine 35 million tonnes of coal, with 27 million tonnes for domestic use and the remainder for export.

Chuan forecasts rising coal demands combined with sluggish investment and high input costs poses challenges for the group.

Vinacomin has asked its affiliate companies to adjust production in line with the market law of supply and demand, so as to take advantage of favourable market conditions.

It strives to use domestic materials and capitalise on new technologies to raise investment efficiency.

Vinacomin mined 42.6 million tonnes of coal in 2013, down 4%, against the previous year. It sold 39.1 million tones, of which 27.1 million tonnes was for domestic use.

Its revenues rose 6% to VND100 trillion. The average monthly salary of its workers stood at VND7.76 million.