Tuesday, 20 Nov 2018
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ECONOMY

Vietnam's coal and oil production sees improvements in 6 months

Updated at Tuesday, 10 Jul 2018, 10:47
The Hanoitimes - The results were thanks to an increase in oil and mineral prices, growing demands for coal consumption, and efficient supports from the government, stated the Ministry of Industry and Trade (MoIT).
Crude oil production in the first six months reached 7.1 million tons, 3% higher than the target set for this period and equivalent to 54.3% of the year plan, while clean coal output reached 22.42 million tons, up 11.1% year-on-year, according to a recent report of the MoIT. 
 
Illustration photo.
Illustration photo.
During the six-month period, Vietnam produced 5.4 billion cubic meters of natural gas and 437,600 tons of liquefied natural gas, up 1% and 18.5% year-on-year, respectively. 

Vietnam's industrial production index in the January - June period increased by 10.5% year-on-year, in which the manufacturing and processing remained the spotlight of the industry with a growth rate of 12.7%, contributing 9.7 percentage points to the overall growth.

Meanwhile, the country's mining industry saw a decline in production growth rate at 1.3% year-on-year, albeit a lower decline rate compared to the same period of last year (6.7%). 

Consequently, clean coal output in the first six months reached 22.42 million tons, up 11.1% year-on-year, in which Vietnam National Coal-Mineral Industries (Vinacomin) produced 19.37 million tons, up 10.5% year-on-year. 

By the end of June 30, Vinacomin's coal inventory was reduced to 6.55 million tons, a reduction of 2.47 million tons compared to the beginning of the year. 

According to the report, the results were thanks to an increase in oil and mineral prices, growing demands for coal consumption, and efficient supports from the government. 

Additionally, the average crude oil price increased by 36% year-on-year, resulting in a price of US$73 per oil barrel in the world market, equivalent to an increase of 30.1% or US$18.6 per barrel year-on-year. 

However, the MoIT anticipated a difficult period ahead for the industry, due to unfavorable weather conditions and increases in expenses, which may reduce competitiveness of domestically-produced coal compared to the exported ones.
Ngoc Thuy
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