Vietnam Coal Sector Urged to Focus on Domestic Market

Vietnam's coal industry must focus on meeting the domestic demand and gradually reduce exports, the Government Website quoted Deputy Prime Minister Hoang Trung Hai as saying.

 

The sector should boost coal mining in other countries, on the other hand, he said while working with leaders of Vietnam’s top mining company Vinacomin in northern Quang Ninh province.

 

Deputy PM Hai approved the Ministry of Finance's roadmap to adjust coal prices in wake of global fluctuations. He promised to consider natural resource taxation and environment costs on coal exports.

 

Vinacomin said it targeted revenues of VND38 trillion (US$2.37 billion) next year, up from an estimated VND32.8 trillion (US$2.05 billion) this year. It plans to produce 40 million tons of coal in 2008, including 20.5 million tons for local consumption, up 2.5 million tons from this year and 19.5 million tons for export, down 2.5 million tons on year.

 

In the first eleven months of this year, the country exported 29.1 million tons of coal, valued at US$899 million, up 10.8 per cent in volume and 9.1 per cent in value on year.