Mining sector gains record VND2.5 trillion profit in 2017

Tuesday, 2018-01-16 16:19:01
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Last year Vinacomin exploited 35 million tonnes of raw coal and earned a record profit worth over VND2.5 trillion. (Credit: baoquangninh.com.vn)
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NDO – Vietnam National Coal and Mineral Industries Group (Vinacomin) earned a record profit of more than VND2.5 trillion (US$110 million) in 2017, an increase of approximately VND1.5 trillion compared to 2016.

The figure was announced at a conference held by the State-owned conglomerate in Hanoi on Tuesday morning to sum up its operations in 2017 and deploy the tasks for 2018.

According to Vinacomin Director General Dang Thanh Hai, the group exploited 35 million tonnes of raw coal last year, while aluminium production reached 1.14 million tonnes, equal to 116.7% of the set plan and up 190% compared to the same period in 2016. Its electricity output reached 9.38 billion kWh, up 10.4% compared to 2016.

The corporation's revenue was estimated at over VND109 trillion (US$4.8 billion), exceeding 2.2% of the yearly plan and up 7.3% compared to 2016. It contributed VND14 trillion to the State budget in 2017, an increase of VND1 trillion over 2016.

Hai revealed that his group targets to achieve a total revenue of over VND113 trillion in 2018, along with contributing over VND13 trillion to the State budget, earning a profit worth VND2 trillion and producing 36 million tonnes of coal.

Deputy PM Trinh Dinh Dung delivers his speech at the conference. (Credit: NDO)

Deputy Prime Minister Trinh Dinh Dung said that despite unfavourable weather, a reduced demand for coal, and difficult conditions for mining, the sector strived to gain positive results in 2017.

A number of important projects invested in by the group were put into operation, contributing to the national socio-economic development and ensuring national energy security, in which the Nhan Co bauxite - alumina complex and Lam Dong aluminum project generated high productivity.

The deputy PM urged Vinacomin to boost restructuring in 2018 as set in the sector’s 2017-2020 restructuring plan approved by the PM, while strengthening control over investment and accelerating the progress of its projects.