PM approves Vinacomin restructuring

December 14, 2017 | 15:41

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Prime Minister Nguyen Xuan Phuc has approved a project to reshuffle the Vietnam National Coal and Mineral Industries Group (Vinacomin) in 2017-2020, aiming to make the firm a strong economic group with high technology and a highly professional governance model.

The project is expected to simplify Vinacomin’s structure and improve its labour productivity, products’ quality and competitiveness, thus making it operate more effectively.

The firm is also hoped to play a key role in supplying coal for domestic use, ensuring national energy security.

Under the project, in 2019, the State will hold 65 percent of Vinacomin’s capital, while four of its subsidiaries will be equitised.

Meanwhile, the organisation of 16 of the group’s other companies will be unchanged, while eight others will be merged, dissolved or re-organised.

Vinacomin will keep 100 percent of capital in five units, namely the Mining Chemical Industry Corporation, the Institute of Mining Science and Technology, the Vietnam Coal-Mining College, the Vinacomin Hospital and the Coal-Mining Magazine.

Vinacomin will also hold at least 65 percent of capital of Vang Danh Coal, Ha Tu Coal and Mong Duong Coal joint stock companies.

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