State-owned cement giant Vicem, three subsidiaries to be inspected

Vietnam National Cement Corporation (Vicem) and its three subsidiaries will be put under inspection per a decision by the Ministry of Finance's chief inspector.

The three member companies are Vicem Tam Diep Cement Company Limited, Vicem Hai Phong Cement Company Limited, and Vicem Ha Tien Cement Company Limited.

The inspection will cover management and use of capital and assets at the enterprises; accounting of revenues and expenses, and business reports; fulfillment of obligations to the state budget; and compliance with legal regulations on finance in 2023.

The inspection period is 45 days from the date of announcement of the inspection decision.

In the first six months of 2024, Vicem’s total revenue was estimated at VND13.2 trillion ($519.3 million), equal to 46.1% of its year plan and down 19.4% year-on-year.

It paid VND547 billion ($21.52 million) to the state budget, equal to 51.1% of the year plan and down 20.9% compared to the same period in 2023.

In 2023, the company reported an after-tax loss of more than VND1.1 trillion ($43.27 million), while the 2022 profit was VND642 billion ($25.26 million). Vicem's large loss mainly came from the sharp decrease in revenue.

By the end of 2023, Vicem held 100% of the charter capital of Vicem Hoang Thach Cement Company Limited, Vicem Hai Phong, and Vicem Tam Diep.