Vietnam is expected to export a maximum of 10.5 million tonnes of coalin 2013, a year-on-year decrease of 5 million tonnes, with consumptionof Vietnamese coal also falling from 43 million tonnes to 39 million.
The figures were released by Nguyen Van Bien, Deputy GeneralDirector of the Vietnam National Coal and Mineral Industries Corporation(Vinacomin), on June 18. He attributed the decline to the slow growthin the world economy and low selling prices
Meanwhile, coalsupply in China, whose production and consumption account for over 50percent of the world market, is surpassing its demand, causing pressurefor price decreases in the global coal market.
Bien said thatafter paying the current 10 percent export tax, Vietnam’s earnings fromcoal exports were only enough to cover its production expenses and itwas unable to turn a profit. A further three percent rise in the tax,effective from July 7, is set to make things even more difficult for thecountry’s coal industry.
In the last half of 2013,Vinacomin will prioritise ensuring jobs for its employees, reducingoutput for some affiliates and discovering new mining areas to exploit.
It will also focus on stabilising production, ensuringfinancial safety and energy security and satisfying domestic demand.-VNA
The figures were released by Nguyen Van Bien, Deputy GeneralDirector of the Vietnam National Coal and Mineral Industries Corporation(Vinacomin), on June 18. He attributed the decline to the slow growthin the world economy and low selling prices
Meanwhile, coalsupply in China, whose production and consumption account for over 50percent of the world market, is surpassing its demand, causing pressurefor price decreases in the global coal market.
Bien said thatafter paying the current 10 percent export tax, Vietnam’s earnings fromcoal exports were only enough to cover its production expenses and itwas unable to turn a profit. A further three percent rise in the tax,effective from July 7, is set to make things even more difficult for thecountry’s coal industry.
In the last half of 2013,Vinacomin will prioritise ensuring jobs for its employees, reducingoutput for some affiliates and discovering new mining areas to exploit.
It will also focus on stabilising production, ensuringfinancial safety and energy security and satisfying domestic demand.-VNA
