Bình Định proposes to continue titanium export due to high inventory

BÌNH ĐỊNH — The central province of Bình Định has proposed the Prime Minister to allow local businesses to continue exporting titanium inventory of about 455,000 tonnes.

Phan Cao Thắng, permanent vice chairman of Bình Định People's Committee, said that the provincial People's Committee has also proposed this titanium inventory would be exported after the local enterprises balance export quantity and domestic consumption.

Bình Định Province has a titanium inventory of about 455,000 tonnes.— Photo vietnamnet.vn 

Due to the impact of the COVID-19 pandemic, titanium exporting enterprises in Bình Định have had to suspend production and business activities. Therefore, they have faced many difficulties, including a lack of jobs. That has partly affected socio-economic development of the province, vietnamnet.vn reported.

The pandemic has also meant most titanium processing plants in the province have not exported titanium that was exploited and processed in previous years. So, the province has had high titanium inventories. Meanwhile, the rent for warehouses and storage has reached billions of đồng per year.

On July 29, 2019, the People's Committee of Bình Định Province proposed the Ministry of Industry and Trade to consider and extend the period of exporting titanium ore inventory according to the ministry’s licence in 2018. The ministry has not yet responded to this issue. — VNS.

Source: vietnamnews.vn