Companies which mainly buy coal from Vietnam National Coal and Mineral Industries Group (Vinacomin) still owe it a total VND2 trillion (USD95.23 million).
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| Companies which mainly buy coal from Vinacomin still owe it a total VND2 trillion (USD95.23 million) |
Vinacomin said this has worsened its current financial difficulties, adding that the group would not continue sell coal to firms which did not pledge to make payments within ten days of receiving coal. For those which made a payment commitment, the deadline is no more than a month and a half.
In July, Vinacomin sold 2.2 million tonnes, including 300,000 tonnes exported, a record low level for many recent years. The group has set a goal to sell a total 39 million this year and will try to ensure it improves and maintains staff working condition and jobs, particularly for pit workers.
Vinacomin has increased coal prices for power companies by 10-11.5%, however, the prices have been raised by VND300 billion (USD14.2 million), compared to the expected figure of VND8.5 trillion (USD404.7 million).
The group said that this year, it would make no profit.
In the second quarter of this year, Vinacomin achieved revenues of VND43.2 trillion (USD205.7 million) and profit of VND500 billion (USD23.8 million).
Vinacomin said that it has cut 10% from staff salaries compared to last year, and more cuts may come.