Vietnam to cap coal exports at two mln tons in 2022
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Vietnam will cap its coal exports at 2.03 million tons this year, according to the Ministry of Industry and Trade.
That represents a 22.5 percent increase from last year’s 1.55 million tons. But Vietnam also imported a lot of coal and its net exports were 50,000 tons.
The ministry said coal exporters must first ensure there is adequate supply for domestic use.
There are two coal exporters, Vietnam National Coal and Mineral Industries Group and Dong Bac Corporation, both state-owned.
On the global market, coal prices reached a 14-year high of US$401 per ton Wednesday, driven by the effect of the Russia-Ukraine conflict on supply.
Questions & Answers
Q.What was Vietnam's net export figure for coal last year?
What was Vietnam's net export figure for coal last year?
Vietnam's net exports of coal stood at 50,000 tons last year. This figure is calculated after accounting for the significant amount of coal the country also imported.
Q.Which entities are responsible for exporting coal from Vietnam?
Which entities are responsible for exporting coal from Vietnam?
Vietnam National Coal and Mineral Industries Group and Dong Bac Corporation are the two state-owned companies authorised to export coal. These are the sole exporters mentioned by the Ministry of Industry and Trade.
Q.What is the primary condition exporters must meet before shipping coal abroad?
What is the primary condition exporters must meet before shipping coal abroad?
Coal exporters are first mandated to ensure there is a sufficient supply to meet domestic needs. This directive comes from the Ministry of Industry and Trade.
Q.What was the highest price per ton for coal on the global market recently?
What was the highest price per ton for coal on the global market recently?
Global coal prices reached US$401 per ton on Wednesday, marking a 14-year high. This increase was primarily driven by the ongoing impact of the Russia-Ukraine conflict on supply.
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