The Vietnam National Coal and Mineral Industries Group (Vinacomin) isestimated to have earned more than 108.9 trillion VND (5.06 billion USD )in 2014.

This is a 14 percent increase year-on-year, andthree percent higher than the yearly target, the Voice of Viet Nam (VOV)reported.

VOV quoted Vinacomin's statistics as saying thatthe revenue from coal exploitation was more than 53.1 trillion VND(2.47 billion USD). It also earned more than 12 trillion VND (558.1million USD ) in revenue from electricity production and 6.47 trillionVND (301 million USD) from minerals production.

Last year,the group's earned an estimated 2.5 trillion VND (116.3 million USD) inprofits, contributing 12 trillion VND (558.1 million USD) to the Statebudget.

Vinacomin produced 37.4 million tonnes of coalduring the period, with consumption of 35.5 million tonnes. Of this,coal exports comprised 5.94 million tonnes, while 29.6 million tonneswere sold in the domestic market.

During the period,Vinacomin gained 1.6 trillion VND (74.41 million USD ) by divestingthree non-core businesses in finance, insurance and the securitiessector. It also issued five-year bonds worth 3 trillion VND to (139.5million USD) mobilise capital for coal and minerals projects.

Thegroup aims to produce 40.8 million tonnes of coal this year, withconsumption of 38 million tonnes. Of the sum, coal exports will amountto 3 million tonnes, while 35 million tonnes will be for domesticconsumption.

It also aims to earn more than 114 trillion VND (5.3 billion USD) in revenue.

Earlier,Vinacomin's Deputy General Director Nguyen Van Bien asked thegovernment to lower taxes and duties, to help the group accumulatecapital to develop its coal mines, while allowing it to export coal toJapan till 2015.

The rising taxes and fees, together withunchanged coal prices in the domestic market for the past three years,have caused difficulties for Vinacomin, he said. Bien added that thehigh taxes and fees will make the coal sector run out of capital forinvestment.-VNA