Vietnam has 10 million tons of coal in stock

The coal inventory of the Vietnam National Coal and Mineral Industries Group (Vinacomin) has now reached 10 million tons, while the amount of coal imported in the past 4 months has also reached 4.7 million tons.

Coal imports increase

According to statistics from the General Department of Customs, in April 2016, the amount of imported coal reached 1.252 million tons with a value of 77.9 million USD. In the first 4 months of 2016, the total amount of imported coal reached 4.7 million tons with a value of 289.4 million USD.

Thus, compared to the whole year of 2015, the amount of imported coal reached 6.96 million tons with a turnover of 548.5 million USD, the imported coal has increased rapidly in terms of volume, while the average price has decreased.

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In Quang Ninh, in the first 4 months of the year, the amount of imported coal reached 1.6 million tons, higher than the figure of 1.4 million tons in the whole year of 2015. According to the Quang Ninh Customs Department, there are currently 18 units importing coal through this area. Currently, imported coal has a 0% tax rate. With the decline of the world energy market, low oil prices have led to a sharp decrease in coal prices, foreign coal is currently more advantageous than domestic coal by about 5-8 USD/ton.

The trend of importing coal is also considered inevitable when the number of coal-fired thermal power plants is still increasing. Currently, the country has 19 coal-fired thermal power plants and will increase to 52 plants by 2030 with a total amount of coal to be imported of about 85 million tons/year.

Inventory pressure

Many coal industry enterprises said that the price of energy products such as oil and coal on the international market shows no sign of increasing sharply in the coming months, which will cause Vinacomin to face many difficulties. Many other industry enterprises will even proactively buy foreign coal to supply their operations.

According to the plan, in 2016, Vinacomin will exploit over 38 million tons of raw coal, including over 35 million tons of clean coal. Vinacomin and Dong Bac Corporation have just received approval from the Government to export 2.05 million tons of coal, of which Vinacomin alone will export 2 million tons as proposed by the Ministry of Industry and Trade.

Mr. Nguyen Van Bien, Deputy General Director of Vinacomin, said that in the process of production and screening, there will be high-quality coal that is not currently needed or not fully used domestically. If mixed to create lower-quality coal for domestic demand, it will be a waste and not an effective use of coal resources. Meanwhile, if left for a long time, coal will be weathered, reducing its quality and value significantly. The selling price of high-quality coal such as lump coal 4, 5 and fine coal 1, 2, 3 is also twice as high as fine coal 5, fine coal 6 used for electricity production.

According to Baodautu