The Vietnam National Coal and Mineral Industries Group (Vinacomin) is estimated to have earned more than 108.9 trillion VND (5.06 billion USD ) in 2014.

This is a 14 percent increase year-on-year, and three percent higher than the yearly target, the Voice of Viet Nam (VOV) reported.

VOV quoted Vinacomin's statistics as saying that the revenue from coal exploitation was more than 53.1 trillion VND (2.47 billion USD). It also earned more than 12 trillion VND (558.1 million USD ) in revenue from electricity production and 6.47 trillion VND (301 million USD) from minerals production.

Last year, the group's earned an estimated 2.5 trillion VND (116.3 million USD) in profits, contributing 12 trillion VND (558.1 million USD) to the State budget.

Vinacomin produced 37.4 million tonnes of coal during the period, with consumption of 35.5 million tonnes. Of this, coal exports comprised 5.94 million tonnes, while 29.6 million tonnes were sold in the domestic market.

During the period, Vinacomin gained 1.6 trillion VND (74.41 million USD ) by divesting three non-core businesses in finance, insurance and the securities sector. It also issued five-year bonds worth 3 trillion VND to (139.5 million USD) mobilise capital for coal and minerals projects.

The group aims to produce 40.8 million tonnes of coal this year, with consumption of 38 million tonnes. Of the sum, coal exports will amount to 3 million tonnes, while 35 million tonnes will be for domestic consumption.

It also aims to earn more than 114 trillion VND (5.3 billion USD) in revenue.

Earlier, Vinacomin's Deputy General Director Nguyen Van Bien asked the government to lower taxes and duties, to help the group accumulate capital to develop its coal mines, while allowing it to export coal to Japan till 2015.

The rising taxes and fees, together with unchanged coal prices in the domestic market for the past three years, have caused difficulties for Vinacomin, he said. Bien added that the high taxes and fees will make the coal sector run out of capital for investment.-VNA