Vietnam cement firms struggle with real estate, export challenges
Cement businesses in Vietnam have continued to face significant difficulties, with several companies reporting losses in the third quarter of 2024, primarily due to a sluggish domestic real estate market and challenges in exports.

Many cement producers in Vietnam have reported Q3/2024 losses. Photo courtesy of SCG.
Vicem Hai Van Cement JSC, listed on the Ho Chi Minh Stock Exchange (HoSE) as HVX, recorded losses of nearly VND8.3 billion ($327,500) in Q3, extending its losing streak to six consecutive quarters.
Over the first nine months of this year, HVX posted a total loss of more than VND37.8 billion ($1.49 million). As of September 30, 2024, its accumulated loss had reached VND90.3 billion.
Similarly, Bim Son Cement JSC, listed on the Hanoi Stock Exchange (HNX) as BCC, posted Q3 losses of VND25.4 billion ($1 million), extending its losing streak to eigh consecutive quarters. Its nine-month loss totalled VND48 billion.
Vicem But Son Cement JSC (HNX: BTS) reported a net loss of VND26.2 billion ($1.03 million) in Q3, with a cumulative figure of VND122 billion for the first nine months.
Vicem Hoang Mai Cement JSC (HNX: HOM) suffered a loss of VND11.1 billion ($437,957) in the quarter for a total of VND51 billion in Jan-Sept this year.
Meanwhile, Vicem Ha Tien Cement JSC (HoSE: HT1) bucked the trend with positive growth, reporting a 4% increase in Q3 revenue to VND1.64 trillion ($64.7 million). This growth was driven by an 8.5% year-on-year rise in sales.
The company’s after-tax profit for the quarter was VND22.6 billion ($891,696), reversing a loss of VND10.26 billion in the same period last year. Over the first nine months, HT1 posted after-tax profits of VND43.8 billion, compared to a loss of VND37 billion a year earlier, surpassing 90% of its 2024 target.
No surprises
The challenges faced by cement companies in 2024 were largely anticipated. Many firms had forecast weak cement demand for the year, with supply continuing to outstrip demand.
Input material costs for cement production remained high, while the shift from packaged to bulk cement further squeezed profit margins, as brand value is closely tied to packaged products.
Exports have yet to show signs of recovery due to the ongoing economic downturn. According to the General Department of Vietnam Customs, the country exported nearly 20.55 million tons of cement and clinker in the first eight months of 2024, earning $788.8 million, a 3.2% drop in volume and a 14.5% decline in revenue year-on-year. Export prices also fell by 11.6%, averaging $38.4 per ton.
The Philippine market, the largest destination for Vietnam's clinker exports, saw a year-on-year decrease in both volume (down 1.8%) and revenue (down 13%) in the first eight months of 2024. Additionally, the price of cement exports to this market dropped by 11.4%.
Adding to these challenges was Taiwan officially initiating in August an anti-dumping investigation into cement and clinker originating from or imported from Vietnam.
According to Tien Phong Securities Corporation (TPS), companies expect domestic demand for cement to improve in the last months of 2024, but not enough to fully utilize current capacity.
Some bright spots
Despite the challenges, TPS said there were some positive signs for the cement industry. The government was speeding up approval and implementation of 16 projects with a total investment of $2.5 billion to develop the Mekong Delta region, as part of climate change adaptation efforts.
If these projects are implemented soon, they could provide significant opportunities for the cement industry to recover. In addition, ongoing large-scale projects such as the Long Thanh International Airport in the southern province of Dong Nai and the North-South Expressway are expected to improve cement consumption in the final quarter of 2024.
Moreover, the Chinese government has mandated that by the end of 2025, domestic clinker production capacity will be limited to 1.8 billion tons and outdated technologies will be phased out. This could see cement prices increase early next year with customers looking for alternative sources.
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