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Vietnam's Vinacomin targets to produce 39.87 mil mt coal in 2016, up 7% on year

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Vietnam's Vinacomin targets to produce 39.87 mil mt coal in 2016, up 7% on year

Hanoi — Vietnam National Coal Mineral Industries Holding Corp., or Vinacomin, plans to produce 39.87 million mt of coal in 2016, up 6.9% from 37.3 million mt it produced in 2015, the company said in a statement Thursday.

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It targets to sell 38 million mt of coal this year, up 7% from the 35.5 million mt it sold in 2015, it said.

The 2015 output was below the target of 40.8 million mt that Vinacomin had set in January last year.

Severe rains over July 26-August 3, 2015, in the northern province of Quang Ninh, which is the main region for coal production, had hampered Vinacomin's operations last year, Vinacomin said.

Most of Vietnam's domestic coal production is allocated for local use in power, cement and other industrial sectors. Part of it is exported to Japan, South Korea and other countries mainly for steel production, Vinacomin has said.

Vinacomin will try to boost production and manage imports to meet rising domestic demand for thermal coal in 2016, the company said.

The coal miner also plans to import 40 million-50 million mt, or 8 million-10 million mt/year, of thermal coal to feed domestic demand over 2016-2020, the company said.

Vietnam imported 6.48 million mt of coal over January 1- December 15 last year, up 124.2% from 2.89 million mt imported over the same period in 2014, according to customs data.

--Dao Dang Toan,
--Edited by Haripriya Banerjee,