Vietnam's coal behemoth spends US$3.1mn on commemorative medals

The request for inspection was made by Vietnamese Prime Minister Nguyen Xuan Phuc in response to recent complaints over the corporation’s wastefulness during its 80th  annual Miners Day celebration.

During the celebration, Vietnam National Coal – Mineral Industries Holding Corporation Limited (Vinacomin) requested that its subsidiaries distribute logo-bearing commemorative medals for the companies’ combined 120,000 employees.

At a cost of VND650,000 (US$29) each, the medals were estimated to cost the corporation and its subsidiaries over VND70 billion.

Additional cash bonuses between VND1-2 million (US$45-90) were also awarded to each of its employees on the occasion.

The money for gifts and bonuses was taken from the bodies’ welfare fund and other funds.

However, many of Vinacomin’s employees said the gift medals were waste of money, especially considering the recent recess in coal production that led to layoffs of over 4,000 employees and wage reduction for the rest.

Some Vinacomin employees said they were only able to sell the medals for VND150,000-200,000 (US$7-9) each at jewelry shops.

A Vinacomin official whom Tuoi Tre (Youth) newspaper was able to contact declined to comment on the issue, stressing that the corporation was closely following directives from the Prime Minister.