Vinacomin to raise coal prices from April 1, Vietnam

Vinacomin to raise coal prices from April 1, Vietnam
Published: 06 April 2011

The Vietnamese Ministry of Finance has approved a proposal from state-run Vietnam National Coal-Mineral Industries Group (Vinacomin) to hike coal prices for local cement, paper and fertiliser production by between 20% and 40% from April 1.

A representative from Vinacomin attributed this price hike to the high by 40% in fuels, by 9.3% in the exchange rate, by 5% in coal export tariffs, and in loan interest rates.

“If not the price increase, Vinacomin finance situation will meet difficulties,” the official stressed, calculating that the group would incur extra expenditures of VND1.3 trillion from the export tax hike and of VND3.5 trillion from the soar in fuels, in exchange rate and in loan interest rates.