Vinacomin records strong performance in 2022

Despite facing the severe impacts of the COVID-19 pandemic and the prolonged Russia-Ukraine conflict, the Vietnam National Coal and Mineral Industries Corporation (Vinacomin) still managed to record an outstanding performance in 2022.

Last year saw a surge in the cost of imported coal, mounting great pressure on Vinacomin’s coal production and supply. In the meantime, the renewal of coal mining licenses faced hurdles due to unresolved issues in planning and policies, which limited the company’s production capacity.

Amid such unusual factors, Vinacomin was still able to fulfil its production and business targets and generate all-time-high revenue, supply adequate coal in a timely manner for producing electricity and fertilisers, and help to stabilise market prices and improve the income of its workers.

According to Vinacomin General Director Dang Thanh Hai, the corporation reported revenue of 165.9 trillion VND (over 7 billion USD) in 2022, exceeding the target by 26% and rising 19% over the previous year. Vinacomin also contributed 21.35 trillion VND (910.4 million USD) to the state budget and earned estimated profits of 8.1 trillion VND (345.4 million USD), up nearly 5 trillion VND compared to 2021.

Last year, Vinacomin produced 39.4 million tonnes of coal and imported an additional 4.75 million tonnes. The corporation also produced 1.47 million tonnes of aluminium, 105,000 tonnes of pure copper ores, and 30,000 tonnes of copper. The average wage of its workers also increased by 13.5% to 16.5 million VND per month.

In 2023, Vincomin will strive to supply sufficient coal for the economy, especially for electricity generation and fertiliser production in accordance with signed contracts. The corporation is working on a coal mixing plan that maximises the proportion of imported coal to reduce the pressure on domestic production.

At the same time, Vinacomin will step up its strategy of mechanisation, automation, and IT application to help its member companies grow sustainably, reduce losses during the mining process, ensure labour safety, and enhance productivity.

Vinacomin is looking to switch from a linear economy model to a circular economy model to achieve sustainable development, with more efficient use of natural resources and energy.