Despite difficulties in consumption, Chuan said, Vinacomin also expected to consume 13.3 million tonnes in the period.

In order to meet the plans, the Corporation would focus on ensuring labour safety, declining costs, especially in public investment and restructuring some member companies, and speeding up the implementation of key projects.

Previously, Vinacomin pledged to reduce VND986 billion (US$46.95 million) in management costs so as to lower product prices, increase profits and improve business effectiveness. The Corporation in the first quarter churned out nearly 12.7 million tonnes of coal, however, consumption reached only 9.5 million tonnes, of which 2.8 million tonnes were for export, due to decreasing consumption, especially in cement, paper, fertiliser and chemical industries, in the wake of the economic slowdown.

Vinacomin is also seeking Government approval for its proposal to look for long-term financing from foreign creditors to develop new mines and raise capital.

It targets production of 45.5 million tonnes of coal this year, a million tonnes higher than last year, and has projected earnings of VND96.3 trillion ($4.58 billion).

Chuan said Vinacomin's top priority this year would be hastening the implementation of key mining projects, mobilizing capital from various resources, and reducing State-funded capital expenditures.