TKV says it maintained production momentum through the first nine months of 2026, with estimated revenue reaching 139.659 trillion Vietnamese dong, a 12.9% increase from a year earlier, even as heavy rains, volatile logistics costs and softer seasonal coal demand weighed on operations.
TKV nine-month revenue rises 12.9% in 2026
The state-run Vietnam National Coal and Mineral Industries Group said most key targets were at or above 75% of its full-year plan, underscoring a relatively stable industrial backdrop despite weather disruptions and regulatory bottlenecks. The result matters because TKV sits at the center of Vietnam’s coal supply for power generation and remains a key supplier of minerals used in manufacturing and heavy industry.
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Coal output remained the main driver. TKV estimated nine-month raw coal production at 27.643 million tons, equal to 75% of plan, while saleable coal output reached 28.510 million tons. Coal sales were estimated at 39.051 million tons, up 15.8% from the same period last year, including 31.691 million tons delivered to power producers.
The company said storms and persistent rain hurt mining, transport and pit drainage, while hydropower dispatch and lower thermal plant inventories reduced coal demand during the rainy season. Even so, disciplined operations helped keep the system moving and supported supply to electricity generators.
Minerals also contributed to revenue resilience. Alumina output was estimated at 1.049 million tons in the nine-month period, or 80.7% of plan, while copper concentrate production reached 82,576 tons and steel billet output totaled 116,301 tons. TKV said the minerals segment achieved 87.2% of its annual revenue plan, helped by favorable prices for base metals, including copper.
The group also estimated nine-month state budget contributions at 20.513 trillion dong and social welfare spending of about 129.46 billion dong. For investors, the key message is that TKV is still converting volume into cash flow despite operational headwinds, and its coal and minerals businesses are benefiting from firm pricing and steady offtake.
The next test will be whether the group can maintain that pace into the final quarter as weather normalizes, power-sector coal demand firms and global commodity prices continue to shape margins.
| Entity | Gains | Losses |
|---|---|---|
| TKV | ▲Higher revenue, stable output | ▼Weather and logistics pressure |
| Vietnam power producers | ▲Reliable coal supply | ▼Lower inventories during rainy season |
| Minerals division | ▲Stronger metal prices | ▼Input-cost inflation |
| Environmental regulators | ▲Less mining expansion pressure | ▼Continued coal dependence |
