Vietnam has several large-scale gold mining enterprises, including the Vietnam National Coal and Mineral Corporation (Vimico - KSV). KSV mines approximately 1 ton of gold per year and is expected to generate a profit of 1,275 billion VND in 2024.

Specifically, KSV extracted 1,143 kg of gold in 2022, 973 kg in 2023, 852 kg in 2024, and plans to extract 911 kg in 2025, 1,020 kg in 2026...

According to the plan, Vimico aims to produce a total of 4,777 kg of gold during the period 2026-2030, equivalent to more than 955 kg per year.

According to the audited consolidated financial report for fiscal year 2024, Vietnam National Coal and Mineral Corporation (TKV) recorded revenue of VND 13,288 billion, an increase compared to VND 11,926 billion in 2023, and after-tax profit of VND 1,219 billion, compared to VND 189.5 billion in the previous year.

With its current production, Vimico is the largest gold mining and production company in Vietnam. This subsidiary of the Vietnam Coal and Mineral Industry Group (Vinacomin) manages and operates Dong Pao, the country's largest rare earth mine, covering nearly 133 hectares in Lai Chau province.

KSV shares are currently priced at around 188,000 VND/share, a sharp increase from 100,000 VND at the beginning of the year, but still significantly lower than the peak of 300,000 VND/share reached on February 17th.

gold mining
Vimico's business results for 2024.

Besides KSV, Lao Cai Gold Joint Stock Company (GLC) is also a well-known gold mining enterprise in Vietnam. However, this company has faced difficulties in its business operations and witnessed changes in its senior management. For three consecutive years, from 2020 to 2023, GLC continuously recorded zero revenue.

Lao Cai Gold mine operates the extraction, processing, and refining of primary gold from the Minh Luong gold mine in Van Ban, Lao Cai. The company is permitted to extract gold concentrate, and the entire amount extracted is sold to the Vietnam National Coal and Mineral Corporation (TKV) for the production of gold for market consumption.

However, in recent years, GLC's revenue has been zero because its gold mining license expired in April 2019, so the company temporarily suspended mining operations.

By the end of 2023, GLC was still in the process of applying for a mining license but had not yet received approval. Short-term liabilities exceeded short-term assets by more than 22 billion VND, and accumulated losses exceeded 113 billion VND.

GLC was established in September 2007 in Minh Luong commune, Van Ban district, Lao Cai province, with an initial charter capital of VND 45 billion and five shareholders: Vinacomin Mineral Corporation (now TKV Mineral Corporation - JSC) with 33%, State-owned Mineral Company No. 3 (now Vimico Mineral Company No. 3 JSC) with 27%, Lao Cai Mineral Company (15%), Thai Nguyen Company Limited (15%), and Dong Bac Company (10%).

At the end of 2018, TKV still held 46.14%, Mineral Corporation 3 - Vimico 21.71%; Mr. Uong Huy Giang 8.65%; Mineral Company Limited - Bitexco 6.43%; and Indochina Mineral Corporation 6.33%.

By the end of January 2019, after GLC was listed on the stock exchange, TKV divested all of its capital.

At that time, most of the company's old staff resigned simultaneously, forcing the new investor to reorganize the structure.

According to the report, GLC has geological reserves of 92,670 tons of ore, exploitable reserves of 89,702 tons of gold ore, and permitted mining capacity of 22,000 tons (2016), 28,000 tons (2017-2018), and 11,702 tons (2019); the mining license is valid until April 26, 2019.

Recently, GLC has focused its resources on completing the legal procedures to renew its Investment Certificate and Mining License. This has resulted in continuously increasing operating costs while revenue from production and business activities remains almost zero.

Gold prices today, April 1st, 2025, continue to rise steadily, with SJC gold and gold rings reaching new highs each day . Gold prices on the international market today, April 1st, 2025, continue to reach new records ahead of the tariffs imposed by the Trump administration. SJC gold and gold rings have surpassed 102 million VND/ounce.

Source: https://vietnamnet.vn/vang-lien-tuc-tang-phi-ma-doanh-nghiep-khai-thac-vang-lam-an-ra-sao-2386276.html