Coal consumption reached 4.2 million tonnes in May 2018, the highest increase in many years, according to the latest statistics from the Vietnam National Coal and Mineral Industries Group (TKV).
|Coal consumption reached 4.2 million tonnes in May 2018, the highest increase in many years|
Reports from the Governmental Portal showed that the State-owned conglomerate’s main business targets in May exceeded the set plan.
The increased demand for coal from thermal power plants, fertilizer facilities and cement factories has led to the spark in coal consumption.
Meanwhile, the production of electricity, minerals and industrial explosive materials has recorded significant growth in comparison to the same period last year.
During the first five months of 2018, coal production output reached 16.87 million tonnes; while the figure for coal consumption was at 17.6 million tonnes, up 2.8 million tonnes, or an 18 percent increase over the same period last year.
The group’s total revenue during the five month period was estimated at over VND52 trillion, a 22 percent increase annually. Its profit was at VND1.3 trillion, equal to 65 percent of the set plan for the whole year. TKV has contributed over VND5.9 trillion to the State budget.
It expects to produce 20.27 million tonnes of raw coal in the first half of this year, while consuming 21.6 million tonnes. The whole year consumption target is forecast to reach 38 million tonnes.