Sustainable development is a global trend and an economic priority for many nations. Although new energies can be considered good investments in green growth, it may lead to financial barriers to developing countries. The purpose of the study concentrates on an alternative solution that increasing the efficiency performance of current fossil energy industries. The study has combined two models of Data Envelopment Analysis (DEA) and Grey Theory in determining inefficiency units and proposed potential strategic alliances for sustainable development in the Vietnam Coal industry. Besides considering inputs and outputs in the models, the location of coal mines is also a key indicator in recommending good alliances. The results show that the collaborations between Cao Son coal mine and Coc Sau coal mine; between Nui Beo coal mine and Vang Danh coal mine brings the best improvement for sustainable development. The study suggests detailed strategies in action that enterprises and policymakers can refer to apply in practice.