Vietnam will cap its coal exports at 2.03 million tons this year, according to the Ministry of Industry and Trade.
That represents a 22.5 percent increase from last year’s 1.55 million tons. But Vietnam also imported a lot of coal and its net exports were 50,000 tons.
The ministry said coal exporters must first ensure there is adequate supply for domestic use.
There are two coal exporters, Vietnam National Coal and Mineral Industries Group and Dong Bac Corporation, both state-owned.
On the global market, coal prices reached a 14-year high of US$401 per ton Wednesday, driven by the effect of the Russia-Ukraine conflict on supply.