Vietnam imported up to 9.7 million tonnes of coal by the end of August, a three times over the annual plan of just 3.1 million tonnes for the whole year set by the Ministry of Industry and Trade.
According to the General Department of Customs' statistics, coal was among the 54 products which Vietnam imported the most between January and August this year.
Coal import continues rising
During the period, Vietnam imported 9.7 million tonnes of coal worth USD600 million, up 191% in terms of volume and 107% in import value compared to the same period of 2015.
The country imported a mere 500,000 tonnes last year in contrast.
Vietnam's three biggest coal exporters are Russia with 2.8 million tonnes worth USD179 million; China with 1.4 million tonnes with USD100 million and Indonesia with 1.8 million tonnes costing USD80 million.
Chinese coal has the highest average price of up to USD71 per tonne, compared to USD63 per tonne from Russia and USD44 from Indonesia.
Coal imports are forecasted to sharply grow by 2030 to meet the increasing demand for coal-powered power stations, steel and iron and cement plants. Meanwhile, Vietnam's current coal output is estimated at around 40 million tonnes a year.
It will be unlikely that Vietnam can raise coal output in the future as most coal mines have already been tapped. Meanwhile, the country has continued developing coal-powered power stations, steel and cement projects, which has resulted in higher coal imports.
