In the first nine months of 2017, Vietnam imported 10.4 million tons of coal with the import turnover of US$1.03 billion while the export turnover only reached $207 million, according to the General Department of Customs.
The domestic coal demand is expanding much faster than the domestic industries capacity to increase supply. Photo: cafef
Major coal exporters to Vietnam include Indonesia, Australia, Russia, China, Malaysia ...
In 2013, Vietnam imported only 2.27 million tons of coal priced at US$264 million; however, by the year 2016, 13.3 million tons of coal was imported with the import turnover of US$927 million. With such huge import volume and turnover, Vietnam officially has become a coal importer since 2016.
One of reason leading to higher coal import is the increasing consumption demand of coal of some "giant" corporations such as Vietnam Electricity Corporation (EVN), Vietnam National Petroleum Group (PVN) and thermal power plants owned by foreign investors...
In addition, according to Vietnam National Coal - Mineral Industries Holding Corporation Limited (Vinacomin), the domestic coal demand is expanding much faster than the domestic industries capacity to increase supply.
Based on Vinacomin’s estimates, by 2020, the domestic production demand of coal will reach more than 75 million tons; however, the domestic coal production only meet 50 per cent of the demand; therefore the rest will have to be imported.
Currently, besides Vinacomin, there are many commercial enterprises allowed to import coal. According to Customs Department of Quang Ninh province, there are 18 enterprises import coal through the Department.
Imported coal is entitled to a zero-per cent tax rate. The increasingly low oil price resulting in a sharp decrease in coal price makes price of one ton of imported coal US$5 - 8 lower than that of domestic coal.
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