Vietnam PM urges speedier restructure of Vinacomin

Prime Minister Nguyen Tan Dung has called for speedier restructure of the state-owned Vietnam National Coal-Mineral Industries Group (Vinacomin), the country’s top miner, the government of Vietnam said on its website.

The PM assigned Vinacomin’s council of founders to make plans for setup of Vinacomin-Mining Chemical Industry Company Limited and Vinacomin Viet Bac Mining Industry Company Limited, which should operate as holding firms.

The council is also allowed to establish two Vinacomin-wholly owned firms. Vinacomin-Lam Dong Aluminum Company will be set up by reorganizing Vinacomin-Lam Dong Bauxite Company Limited and Lam Dong bauxite-aluminum complex project’s management board while Viet Bac Geology Company Limited should be founded by reorganizing Minerals Exploration and Production No. 109 Company Limited and Enterprise of Designing, Surveying and Exploration.

The PM asked Vinacomin to build only a mining university in the northern province of Quang Ninh.

Recently, Dung approved Vinacomin to operate as a limited company with a registered capital of VND14.794 trillion (US$774.757 million) by January 1, 2010, which specializes in coal industry, metallurgy-mineral industries, industrial explosives, electric industry, and engineering.

This year, Vinacomin, the country’s top miner, targets to produce 47 million to 50 million tons of coal to earn revenues of between VND63 trillion and VND65 trillion.

Tags: Vietnam companies, Vietnam enterprises, Vinacomin