Vietnam’s energy sector is undergoing one of its most significant transformations in decades. Once largely powered by domestic coal and hydropower, Vietnam has now become one of the fastest-growing coal importers in the world. According to Vietnam coal import data, the country’s import value reached a record $7.35 billion in 2024, a 6% increase from the previous year. This marks a defining shift in Vietnam’s energy strategy, emphasizing how crucial imported coal has become for sustaining industrial and power sector growth.

The Rise of Vietnam Coal Imports

In just a few years, Vietnam coal imports have grown exponentially. From around 31 million tons in 2022, volumes jumped to 51 million tons in 2023 and hit approximately 63.8 million tons in 2024, a staggering 25% year-on-year increase. Despite the rise in volume, the overall import value grew moderately due to a fall in global coal prices — from $130 per ton in 2023 to around $105 per ton in 2024.

During the first four months of 2025, Vietnam imported $2.52 billion worth of coal, totaling 24.44 million tons, representing an 18.8% increase over the same period in 2024. Much of this growth was fueled by the energy sector, particularly power generation, which consumes more than 90% of the imported coal.

Why Vietnam is Importing So Much Coal

Several interconnected factors explain why Vietnam coal import volumes have skyrocketed:

1. Rising Power Demand – Vietnam’s economy grew by over 7% in 2024, and electricity demand surged by 8–10% annually. Expanding industries such as cement, steel, and manufacturing have driven massive energy consumption.

2. Hydropower Shortfalls – Erratic rainfall and droughts reduced hydropower output in 2023–24, compelling utilities to increase coal imports to meet electricity demand.

3. Limited Domestic Supply – Despite domestic coal production by Vinacomin and other state-owned companies, rising costs and environmental challenges limit local output.

4. Favorable Global Prices – The fall in international coal prices in 2024 provided an opportunity for Vietnam to secure large quantities at competitive rates.

5. Policy Support under PDP8 – Vietnam’s Power Development Plan VIII (PDP8), approved in 2023, reaffirmed that coal will remain a critical energy source through at least 2030.

Collectively, these factors have established Vietnam coal imports as a strategic necessity for sustaining the country’s energy security and industrial growth.

Leading Suppliers to Vietnam’s Coal Market

Vietnam sources its coal from a diverse set of countries, ensuring supply stability and cost efficiency. Based on Vietnam coal imports by country, the leading suppliers for 2024–25 were:

• Australia – $2.63 billion (35.9%)

• Indonesia – $2.34 billion (31.9%)

• Russia – $913 million (12.4%)

• South Africa – $698 million (9.5%)

• Mozambique – $418 million (5.7%)

Other contributors include Laos, the USA, Canada, Colombia, and Spain.

Indonesia continues to dominate as the primary source of thermal coal due to proximity and cost advantages. In 2024, Indonesia supplied approximately 27 million tons — around 43% of Vietnam’s total imports. Australia follows as the second-largest supplier, providing high-grade coal for both industrial and power applications. Meanwhile, Russia’s share has risen sharply as trade flows shifted eastward due to geopolitical realignments.

How Vietnam Uses Imported Coal

Coal remains the backbone of Vietnam’s energy system. Over 90% of imported coal is consumed in power generation, with the remainder going to industrial uses such as cement, steel, and fertilizer production.

• Thermal coal (44 million tons; $5.3 billion) – Used mainly for power generation.

• Coking coal (7 million tons; $1.2 billion) – Primarily for steel manufacturing.

• Anthracite coal (6 million tons; $0.8 billion) – For cement, chemicals, and other industries.

The import structure reflects Vietnam’s commitment to energy security, blending imported coal with domestic output to meet industrial needs while ensuring grid stability.

Top Coal Importers and Key Buyers in Vietnam

Several companies dominate the coal import market. According to Vietnam coal importers data, the leading players include:

1. Vinacomin – Coal Import Export JSC ($450 million)

2. Hoanh Son Group JSC ($350 million)

3. Gain Lucky Vietnam Ltd. ($250 million)

4. Vinacomex JSC ($180 million)

5. Nittoku Vietnam Co. Ltd. ($150 million)

State-owned enterprises like EVN (Vietnam Electricity) and PV Power are also among the largest consumers, importing coal to fuel their thermal power plants across the country.

Major Entry Points for Vietnam Coal Imports

Most Vietnam coal imports arrive through Quang Ninh Province, which handles nearly 70% of total shipments. Its deepwater ports and proximity to northern power plants make it the primary coal import hub.

Southern ports such as Vung Tau and Duyen Hai are expanding their capacity to handle rising coal demand from southern industrial and power projects. Investments in port infrastructure and logistics are essential to sustain import growth and avoid future bottlenecks.

Historical Perspective: A Decade of Coal Import Growth

In 2014, Vietnam’s coal imports were valued at just $236 million. By 2024, they had surged to $7.35 billion — an over 30-fold increase in a decade. This reflects not only economic growth but also the structural limits of domestic energy resources.

Here’s how Vietnam coal import values evolved over time:

This consistent upward trajectory confirms that Vietnam coal imports are not a short-term phenomenon but a structural element of its energy mix.

The Role of Vietnam Coal Exports

While the country is a net importer, Vietnam coal exports continue modestly, focusing on anthracite and specialized grades supplied to regional markets like China and Japan. Export values remain small compared to imports, but they help balance trade and utilize niche market opportunities.

Vietnam exports in other sectors—like electronics, textiles, and agriculture—continue to generate the foreign exchange that helps finance energy imports, including coal. Thus, while coal imports rise, diversified export growth sustains overall trade stability.

Future Outlook: Balancing Energy and Sustainability

Forecasts suggest that Vietnam’s dependence on imported coal will persist until at least the early 2030s. Government projections under PDP8 indicate annual import demand could range between 50 and 83 million tons between 2025 and 2035.

By 2030, coal may still account for around 40% of total power capacity. However, beyond that, renewable energy, LNG, and hydro are expected to take on a larger role as part of Vietnam’s Just Energy Transition Partnership (JETP) commitments.

Despite environmental and financing challenges, Vietnam’s pragmatic approach aims to balance energy reliability with gradual decarbonization. For the foreseeable future, coal remains an indispensable part of this transition.

Conclusion: Coal Still Powers Vietnam’s Industrial Future

The story of Vietnam coal imports is a reflection of the nation’s rapid industrial ascent. From being a modest consumer to one of Asia’s top five coal importers, Vietnam’s journey underscores its growing economic might and evolving energy demands.

While Vietnam coal exports remain limited, the import surge illustrates the country’s deep integration into global trade networks. Strategic partnerships with Indonesia, Australia, and Russia have positioned Vietnam as a pivotal player in Asia’s coal market.

As the country continues to industrialize and urbanize, Vietnam coal import volumes are likely to stay elevated, even as renewable projects gather momentum. The coming years will test Vietnam’s ability to balance growth, energy security, and sustainability — but for now, coal remains the cornerstone of its power and progress.