Vinacomin reports VND2.5 trillion in profits

Vietnam National Coal-Mineral Industries Holding Corporation Limited (Vinacomin) reported that last year its revenue was estimated to reach VND109.2 trillion and profit went up VND1.5 trillion over 2016 to top VND2.5 trillion (US$111 million).
Nhan Co Alumina plant
Nhan Co Alumina plant

Explaining reason for the huge profit at a conference in Hanoi yesterday, the corporation said that alumina brought VND8.6 trillion contributing to the revenue of VND12,150 billion from minerals of Vinacomin.

Vinacomin has equitized 61 businesses since 1998 and reduced 18,000 workers since 2012. This year, it plans to cut an extra of 4,500 workers.

Stating at the conference, Deputy Prime Minister Trinh Dinh Dung required Vinacomin to conduct comprehensive restructuring to develop into a strong economic group with modern technology and management.

In addition, he urged the corporation to improve competitive ability and operate efficiently to uphold its leading role to meet coal demand for domestic economic sectors and ensure national energy security.