What Vinacomin Minerals Holding does

Vinacomin Minerals Holding (Vimico, legal name: Tổng công ty Khoáng sản TKV – CTCP) is a Vietnamese state-owned mining and minerals processing company founded in 1995 and headquartered in Hanoi. It operates as a member enterprise of Tập đoàn Công nghiệp Than – Khoáng sản Việt Nam (TKV Group), with the state maintaining dominant equity through TKV. Vimico was equitized into a joint-stock company from January 1, 2015 and is listed on the Vietnamese stock exchange (ticker KSV on HNX). The company runs an integrated mining-to-metals value chain spanning copper, zinc, gold, silver, tin, iron ore, and steel, with dedicated operations in Lào Cai (Sin Quyền copper mining complex, Lào Cai copper smelting plant), Cao Bằng (iron and steel integrated complex), and Thái Nguyên (non-ferrous metals, including the first electrolytic zinc plant in Vietnam and Southeast Asia). Its core outputs include copper cathodes (99.95–99.99% Cu), zinc ingots (99.95–99.99% Zn), gold (99.90–99.95% Au), silver (99.90–99.95% Ag), tin ingots (99.75–99.95% Sn), iron ore and concentrate (50–70% Fe), magnetite concentrate, cast iron, steel billets (CT5, Q235A), and sulfuric acid (93–98% H2SO4) as a byproduct.

Vimico operates a sales-led B2B and B2G distribution model, selling commodity metals directly to domestic industrial manufacturers, steel producers, and power generation customers (e.g., Vinh Tan 1 Thermal Power Plant) through subsidiary companies, branch operations, and TKV Group distribution networks. Pricing follows LME benchmarks and is set via quotation/bidding processes rather than published tiers. Revenue is generated on a one-time transactional basis per shipment rather than recurring contracts. The 2022 consolidated revenue was 12,077 billion VND (~$510M USD), exceeding annual plan by 103.12% and prior year by 150.77%, with 1,142 billion VND contributed to the national treasury. The company employs 1,001–5,000 staff across its facilities and operates exclusively in the Vietnamese domestic market, primarily in Northern and Northwest Vietnam.

The company's competitive positioning rests on its state-owned status, vertically integrated operations, and concentration of Vietnam's strategic non-ferrous metals capacity within a single corporate structure. Capital expansion is supported by state-aligned financing (EXIMBANK 1,500 billion VND facility for Sin Quyền expansion), and the Lao Cai Copper Smelter is the largest in Vietnam. Key strategic initiatives include the Sin Quyền copper mine expansion, Lao Cai smelter capacity increase, and the Cao Bằng Steel Complex (221,600 tonnes/year steel billet), alongside selective divestitures of non-core subsidiaries (Nghệ Tĩnh, Phát triển Khoáng sản 4 stake auctions). Mining license renewal delays at several sites have been recorded as a direct operational risk.

Name

Vinacomin Minerals Holding

Legal name

Tổng công ty Khoáng sản TKV – Công ty cổ phần

Website

https://vimico.vn

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Vinacomin Minerals Holding (Vimico) is a Vietnamese state-owned mining and minerals processing company under TKV Group, producing copper, zinc, gold, silver, tin, iron ore, and steel billets for domestic industrial, steel, and power generation customers across Northern Vietnam.

Ownership category

akta.pro rank

Product category

Non-ferrous metals mining and processing

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141), Gold Ore and Silver Ore Mining (21222), Copper, Nickel, Lead, and Zinc Mining (212230), Iron Ore Mining (21221)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330), Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH)

akta.pro secondary industries

Precious Metals Ore Processing & Beneficiation (IMAKAEAD), Ferrous Metals Trading & Distribution (Iron Ore, Pig Iron, DRI/HBI, Ferroalloys) (IMAKAJAA), Non-Ferrous Base Metals Trading (Aluminum, Copper, Zinc, Lead, Tin, Nickel) (IMAKAJAC)

Keywords

• Non-ferrous metals mining
• Copper smelting operations
• Zinc electrolytic production
• Iron ore processing
• Precious metals refining

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Metal and Mineral Product Sales: Revenue from extraction, processing and sale of non-ferrous metals including copper cathodes, zinc ingots, gold, silver, tin, iron ore, and steel products. Primary products include copper sheets, zinc ingots, gold concentrate, cast iron, steel blooms, and sulfuric acid.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

Vinacomin Minerals Holding (Vimico) is a Vietnamese mining and metallurgical company that extracts, processes, and refines non-ferrous metals. It produces refined copper sheets (99.95-99.99% Cu), zinc ingots (99.95-99.99% Zn), gold (99.90-99.95% Au), silver (99.90-99.95% Ag), tin ingots (99.75% and 99.95% Sn), iron ore and magnetite concentrates, cast iron (GD1-GD6, GM4), steel billets (CT5, Q235A), copper and gold concentrates, and sulfuric acid (93-98% H2SO4) as a byproduct. The company operates integrated mining and smelting facilities in Lao Cai (Sin Quyen Copper Complex and Lao Cai Copper Smelting Plant), Thai Nguyen (electrolytic zinc and non-ferrous metals), and Cao Bang (steel complex and iron ore mining).

Product overview

Vinacomin Minerals Holding (Vimico) operates as a diversified mining and minerals processing conglomerate under Vietnam's Than – Khoáng sản Việt Nam (TKV) Group. The company manages a portfolio of metal products including refined copper sheets (99.95-99.99%), gold metal (99.90-99.95%), zinc ingots (99.95-99.99%), tin ingots (99.75-99.95%), silver metal (99.90-99.95%), along with iron ore concentrates, magnetite concentrates, copper concentrates, cast iron grades, and steel billets (CT5, Q235A). The product portfolio also includes sulfuric acid as a processing byproduct. Vimico operates key processing facilities including the Lào Cai Copper Smelting Plant, the Sin Quyền Copper Mining Complex, and the Cao Bằng Iron and Steel Integrated Complex, alongside various subsidiary companies engaged in mining, metallurgy, and mineral processing across Vietnam.

Differentiator

Problem solved

Functional benefit

Brands

• Khu Liên hợp Gang thép Cao Bằng: Dự án khu liên hợp sản xuất gang thép tại Cao Bằng với công suất 221.600 tấn phôi thép/năm

Products and services

• Copper sheets 99.95-99.99% Cu (Đồng tấm 99,95 – 99,99 % Cu)

Quantifiable outcome

• Revenue of 12,077 billion VND in 2022, exceeding annual plan by 103.12%
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and major.

• Vinacomin Business Administration School (Trường Quản trị Kinh doanh – Vinacomin)minorStrategic or Co-development PartnerPartnership for digital transformation awareness training. Vinacomin Business Administration School collaborated with VIMICO to organize digital transformation awareness classes for company employees in 2023.
• Vietnam-China Yunnan Metallurgical GroupmajorStrategic or Co-development PartnerJoint venture partnership for electrolytic zinc production. From 2003-2006, collaborated with Yunnan Metallurgical Group of China to invest in and build the Thai Nguyen electrolytic zinc plant with 10,000 tonnes/year capacity, the first such plant in Vietnam and Southeast Asia.
• Vietnam-Russia Gold Joint Venture (Công ty liên doanh vàng Việt – Nga)minorStrategic or Co-development PartnerJoint venture for gold mining and processing operations established during company restructuring phase.
• Vietnam-Thai Industrial Zinc Joint Venture (Công ty liên doanh kẽm công nghiệp Việt – Thái)minorStrategic or Co-development PartnerJoint venture for industrial zinc production established during company restructuring phase.

Scale indicators5 records

Recent moves13 records

Expansion highlights5 records

Broad incumbents

• Southern Copper: Global integrated copper miner and smelter with by-product molybdenum, silver, and zinc. Comparable to Vimico on copper mining and smelting with precious metal by-product credits.
• Boliden: European integrated zinc and copper miner/smelter. Comparable to Vimico on integrated zinc-copper operations and by-product recovery (including sulfuric acid).
• KAZ Minerals (now Kazatomprom/KAZ Minerals combined): Major copper-focused mining company with significant copper concentrate and cathode production. Comparable to Vimico on copper mining and processing exposure at scale.
• Vedanta Limited: Large diversified metals and mining group with zinc, lead, copper, aluminum, iron ore, and steel exposure. Broader incumbent peer reflecting Vimico's diversified metal portfolio.

Others

• Vietnam National Coal and Minerals Industries Group (TKV): Vimico's state-owned parent conglomerate and distribution channel. Relevant as the controlling shareholder and key commercial counterparty rather than a direct competitor.

Direct peers

• Hindustan Zinc: India-based integrated zinc-lead mining and smelting company. Directly comparable to Vimico on electrolytic zinc production, integrated mining-to-metal operations, and diversified non-ferrous portfolio.
• Yunnan Tin Group: Major Chinese tin producer and refiner. Comparable to Vimico on tin ingot production and was historically a JV partner with Vimico for the Thái Nguyên electrolytic zinc plant.
• Masan Resources (Masan High-Tech Materials): Vietnamese mining and mineral processing company operating tungsten, copper, and fluorspar assets. Direct peer to Vimico given overlapping Vietnamese operations, non-ferrous metals exposure, and similar domestic/state-linked customer base.
• Jiangxi Copper: China's largest integrated copper producer spanning mining, smelting, and refining. Closely comparable to Vimico's Lào Cai copper operations and Sin Quyền mining complex in scale and vertical integration.
• Tongling Nonferrous Metals Group: Chinese state-linked non-ferrous metals group with copper, zinc, and by-product operations. Comparable to Vimico in integrated mining and smelting across multiple non-ferrous metals under state backing.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutu.be/E4QVrZUf2M0
• LinkedInlinkedin.com/company/vimico-vinacomin

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vinacomin Minerals Holding