Vietnam National Coal and Mineral Industries Group Announces Major Investment in Aluminum Production

Vietnam National Coal and Mineral Industries Group (Vinacomin) has committed to a significant expansion in Đắk Nông Province, Central Highlands, with an investment of VNĐ182 trillion (approximately US$7.3 billion). This development includes two exploration projects and five bauxite-alumina-aluminum projects, with the Đắk Nông 2 aluminum electrolysis plant as a focal point.

Scheduled for completion by 2030, the Đắk Nông 2 project is set to significantly boost the region's aluminum production, aiming to produce between 0.7 and two million tons annually. This will potentially generate annual revenue of VNĐ49.5 trillion (nearly US$2 billion) and contribute VNĐ8.4 trillion (approximately US$328 million) to the State budget, while creating employment for 4,000 local workers.

From 2031 to 2045, Vinacomin forecasts that annual aluminum production could double to four million tons, generating revenue exceeding VNĐ1.1 quadrillion (about US$43 billion) and contributing VNĐ195 trillion (approximately US$7.6 billion) to the state budget. The projects are expected to employ 7,000 local residents.

Vinacomin has also planned strategically for the necessary infrastructure and resources to support this expansion. This includes securing future product demand through global partnerships with aluminum users and traders. For investment capital, the group's total assets exceed VNĐ85 trillion (approximately US$3.3 billion), with authorization to increase charter capital to VNĐ49.5 trillion (about US$1.93 billion) by 2030.

To meet the substantial energy demands of the new facilities, Vinacomin is leveraging its existing seven power plants, which have a combined capacity of 1,735 MW. The upcoming Na Dương II coal-fired power project, starting in 2026, will add an additional 110 MW.

Regarding human resources, Vinacomin employs over 94,000 trained personnel, including 2,400 skilled workers at key aluminum plants. The group operates four research institutes, consulting firms, and two training schools, ensuring a well-equipped workforce to meet the sector's demands through partnerships and collaborations with leading aluminum industries in Australia, China, and India.

Vinacomin and Đắk Nông Province leaders have pledged to work together to enhance the capacity of the existing Nhân Cơ Alumina Plant and expand bauxite ore extraction operations. This includes new investments in the Đắk Nông 2 complex, anticipated to annually produce up to two million tons of alumina and between 0.5 to one million tons of aluminum starting in 2030.