Vietnam imported 1.21 million mt of coal in March, more than three times the 394,856 mt imported a year earlier, customs data released Wednesday showed.
Traditionally a coal exporter, Vietnam has turned to imports to meet rising domestic demand for power generation.
State-owned power production and distribution company Vietnam Electricity, or EVN, added more than 3,400 MW of electricity generation capacity from new coal-fired power plants in 2015.
These power plants consume nearly 10 million mt/year of coal, EVN data showed.
Russia became the largest seller of coal to Vietnam in March with 584,726 mt, more than 10 times higher than the 56,000 mt sold a year earlier, followed by Australia with 279,511 mt, up 152% year on year, and China with 258,005 mt, compared with 17,054 mt in the same month last year.
China was the top buyer of Vietnamese coal before 2015.
In the first quarter, Vietnam imported 3.55 million mt of coal, up 255% year on year -- mainly from Russia (1.244 million mt from 85,851 mt a year earlier), Australia (1.126 million mt, four times higher than 308,191 mt); and China (684,806 mt, 10 times higher than 68,750 mt over January-March last year.
Vietnam National Coal Mineral Industries Holding Corp. Ltd., better known as Vinacomin, said earlier this month that it had sold nearly 8.7 million mt of coal to domestic consumers in the first quarter, up 6.1% from 8.2 million mt a year earlier on rising power demand. In Q2, Vinacomin plans to import 500,000 mt of coal from Australia and Russia.
The coal specifications will include a calorific value of 6,300-6,700 kcal/kg and maximum 15% ash content, it said on April 8.
Also during April-June, Vinacomin plans to sign a memorandum of understanding with Glencore to buy coal from Newlands and Collinsville mines in Queensland, Australia.
The coal specifications will include a calorific value of 6,300 kcal/kg and maximum 15% ash content, the Vietnamese company said, without providing further details.
Vinacomin also said that it would sign long-term deals with Japanese trader Sumitomo and Russia's Stroyservice to buy coal from Russia in Q2. Further details were not available.
The power sector is expected to consume about 33.2 million mt in 2016, about 69.9% of the estimated total coal consumption.
Consumption by the power sector is expected to rise to 64.1 million mt or 74.2% of the total coal requirement by 2020, increasing to about 96.5 million mt or 79.4% of the total by 2025, and 131.1 million mt or 83.7% of the total demand by 2030, a government report said last month.
Meanwhile, Vietnam exported only 31,374 mt of coal in March, down 82.9% year on year.
It exported 65,577 mt of coal over January-March, down 86.8% from Q1 2015.
