Vietnam National Coal and Mineral Industries Group (Vinacomin) has faced a sharp decline in profits, while the group spends VND12 billion (USD571,420) a day on interest rates payments alone.
According to Vinacomin's financial statement in the first half of 2016, the group made post-tax profits of USD473 billion (USD22.5 million), down from VND2.6 trillion in 2012; VND2.1 trillion in 2014.
In the first six months of this year, the group's post-tax profits were estimated at just VND197 billion, down from the same period of 2015. Vinacomin earlier set an ambitious target to make a total post-tax profit of VND1 trillion this year.
By the end of June this year, Vinacomin's total debts grew by VND3.7 trillion to VND104 trillion, including up to VND41.05 trillion in short-term loans.
The firm's financial statement also said that Vinacomin had to spend VND2.2 trillion on interest rates payment during the first half of this year, or VND12 billion per day on this.