According to data from the General Department of Vietnam Customs, in the first 11 and a half months of 2024, Vietnam spent US$7.29 billion importing 60.6 million tonnes of coal from global markets. This was the highest level recorded during the 2013-2023 period.

During the mentioned period, although the import volume increased by 24 percent year-on-year, the average import price dropped by 14.1 percent to US$120.1 per tonne, resulting in a single-digit growth of only 6.5 percent in the import value.

The average price of Vietnam’s coal imports from key markets, except China, decreased during the first 11 months of 2024. Meanwhile, the average price of coal imports from China rose by 1.8 percent year-on-year to US$287.5 per tonne, the highest level among key markets.

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In contrast, the price of coal imports from Malaysia plunged by 75 percent year-on-year to US$86.9 per tonne. The price of coal imports from Japan also dropped by 21 percent to US$285.9 per tonne, while prices from Australia fell by 7.5 percent to US$153.6 per tonne, and from Russia by 10.7 percent to US$171.9 per tonne.

The average price of coal imports from Indonesia and Laos decreased by 15.7 percent and 6.8 percent year-on-year, respectively, reaching US$91.8 and $66.5 per tonne.

In the first 11 months of 2024, the volume of coal imports from different markets varied. Notably, imports from Malaysia surged from 554 tonnes in the first 11 months of 2023 to 63,513 tonnes, a 114-fold increase.

Coal imports from Indonesia also rose by 42 percent year-on-year to 24.5 million tonnes, making it Vietnam’s largest coal supplier in the first 11 months of 2024. Conversely, imports from Laos dropped by 12.1 percent to 1.81 million tonnes, and from Australia by 12.7 percent to 15.8 million tonnes.

Coal imports from Japan experienced a steep decline of 93 percent, falling to 13,254 tonnes, while imports from Russia increased by 19.8 percent, reaching 4.89 million tonnes.

In terms of value, Vietnam spent US$2.43 billion on coal imports from Australia in the first 11 months of 2024, a decrease of 19.2 percent compared to the same period last year. Coal imports from Indonesia amounted to US$2.25 billion, up 19.4 percent, while imports from Russia reached US$842 million, up 7 percent. Imports from Laos totaled US$120 million.

Vietnam spent US$103 million on coal imports from China, a year-on-year increase of 10.8 percent, and US$5.5 million on coal imports from Malaysia, 28 times higher than the same period last year.

From the beginning of 2024 to December 15, Vietnam exported 636,008 tonnes of coal worth US$153.5 million, down 17.5 percent in volume and down 35.6 percent in value compared to the same period last year.

Under the newly issued strategy for the development of Vietnam’s coal industry until 2030, with a vision to 2045, the country aims to export and import coal according to market demand while meeting domestic needs at a maximum level, especially for electricity production. This strategy also includes considerations for coal reserves.

Vietnam will establish a coal market with multiple sellers and buyers, diversifying coal sources through domestic production, blending, imports, and creating supply hubs for consumers during the period until 2030. The goal is to operate a coal market that is fully competitive in all segments after 2030.

Under this strategy, Vietnam also aims for annual coal production, excluding peat, of approximately 45-50 million tonnes during the period until 2030. This production is expected to gradually decrease during the 2031-2045 period and reach 38-40 million tonnes by 2045.