Hanoi (VNA) - Deputy Prime Minister Vuong Dinh Hue has asked ministries tosupervise operations of Vietnam National Coal and Mineral Group (Vinacomin)after its poor production and business performance in 2015-16, accordingto Government portal chinhphu.vn.

Vinacomin’s business performance in the 2015-16 period declined compared to theprevious years, as was evident in its various inefficient investment projectsand fruitless calls for investment activities, according to the financeministry’s financial monitoring report.

Hue has assigned the ministries of industry and trade, natural resources andenvironment and finance to strengthen supervision and tightly monitor theoperations of Vinacomin, besides addressing its problems and petitions.

Vinacomin has been asked to complete its reports on subsidiaries’ arrangements,business performance evaluation, investment mobilising activities, corporategovernance and restructuring orientation and submit it to the industry and tradeministry.

Concerning coal price negotiations for electricity and fertiliser production,the finance ministry has been asked to continue reviewing and analysing theinput cost factors for coal production and consumption so as to determine theconsultative prices, and submit a report to the Prime Minister before March 30.

The coal industry is significantly important to the economic development of thecountry in general and the northern province of Quang Ninh in particular, Huesaid, adding that sustainable development of Vinacomin will help boost economicgrowth, ensuring energy security, social security and environmental protection.

Vinacomin’s revenue in 2015 decreased by around 2 trillion VND (88 million USD)compared to 2014, the finance ministry had earlier reported. Its pre-tax andafter-tax profit decreased by 70.2 percent and 80 percent to around 840 billionVND and 430 billion VND, respectively.

In the first nine months of 2016, the group recorded a net loss of 73.7 billionVND from business activities, much higher than the previous year’s estimate of 4.5billion VND. However, the total amount spent on bonuses in 2015 was over 550million VND, which was divided among 16 managers of the corporation.-VNA