Vietnam’s cement exports set for decade-long growth
Vietnam’s cement industry is likely to see increased production, continuous supply surplus and rising exports over the next decade, according to global market insights firm Research and Markets.
The company’s "Research Report on Vietnam's Cement Industry 2022-2031" analyses factors that will keep the industry ticking upward before reaching an equilibrium after 10 years.
“The drivers of rising cement production volume in Vietnam include the rising demand for cement in the domestic market with the development of its real estate industry and infrastructure; the export volume will also grow year by year due to the low-price level of cement in Vietnam,” the report says.
Notably, the designed capacity of cement production in Vietnam is expected to surge in the next three to five years with aggressive expansion by local manufacturers including Tan Thang, Vissai and Xuan Thanh.
In 2021, Vietnam's GDP increased by 2.58% and reached $3,626.2 billion. This was “already a good figure” considering the Covid-19 situation in 2020-2021. The report notes that the Vietnamese economy has been growing rapidy for many years, but wages in the manufacturing sector are still at a low level, less than 50% in China and far below that of the developed countries in 2021.
"The low labor cost gives Vietnam’s cement industry a key advantage compared to China or other developed countries. Besides, Vietnam possesses rich ore resources, the raw material for cement production."
Vietnam’s cement and clinker production volume reached 101.22 million tons last year, a 1.1% increase year-on-year. By and large, construction of infrastructure and the booming property industry have contributed to increasing domestic consumption of cement in recent years. Several large infrastructure projects are underway, but the current consumption of cement is not at its peak, the report says.
- Read More
Mixed performance by Vietnam commercial banks in Q3
Vietnamese commercial banks have had a mixed third quarter, with some reporting substantial profit gains while others seeing steep declines or even losses.
Banking - Mon, November 4, 2024 | 4:52 pm GMT+7
Vietnam’s Vingroup, UAE's NMDC to collaborate in offshore wind power
Vietnam’s leading conglomerate Vingroup and the UAE-based NMDC Group will collaborate in offshore wind power, the latter said in a recent filing sent to the Abu Dhabi Securities Exchange (ADX).
Energy - Mon, November 4, 2024 | 4:20 pm GMT+7
Military-run Viettel Group has 2 more deputy general directors
General Phan Van Giang, Minister of National Defence, has appointed Cao Anh Son and Nguyen Dat as deputy general directors of Military Industry and Telecommunications Group (Viettel Group), starting last Friday.
Companies - Mon, November 4, 2024 | 3:14 pm GMT+7
Mega Long Thanh airport first phase should be completed in Sept 2026: senior parliament official
Relevant agencies should prepare to complete the first phase of the $14-billion Long Thanh International Airport project on September 2, 2026, as soon as the Vietnamese National Assembly approves changes to the project, said a senior parliament member.
Infrastructure - Mon, November 4, 2024 | 12:44 pm GMT+7
Fed rate cuts, upgrading efforts to lure foreign investors back into Vietnam stock market: VinaCapital
The U.S. Fed’s rate cut cycle and the Vietnamese government’s fresh efforts to upgrade the local stock market status are likely to bring foreign investors back into the stock market next year, according to VinaCapital.
Finance - Mon, November 4, 2024 | 11:42 am GMT+7
Foxconn’s subsidiary Shunsin to invest $80 mln in northern Vietnam to produce integrated circuits
Shunsin Technology (Bac Giang, Vietnam) Limited, a subsidiary of Taiwanese giant Foxconn, will invest $80 million in Vietnam’s northern province of Bac Giang to produce integrated circuits (IC).
Industries - Mon, November 4, 2024 | 10:44 am GMT+7
Q3 earnings of Vietnam’s listed firms up 21.6%: FiinGroup
Net profits of listed companies in Vietnam increased 21.6% year-on-year in the third quarter of this year, maintaining a stable growth rate since the start of this year, according to local financial data provider FiinGroup.
Finance - Mon, November 4, 2024 | 9:31 am GMT+7
Thailand SCG’s revenue in Vietnam up 15% to $1.1 bln in Jan-Sept
Thailand’s Siam Cement Group (SCG) recorded a revenue of THB36.71 billion ($1.08 billion) in Vietnam in the first nine months of this year, up 14.7% year-on-year.
Companies - Mon, November 4, 2024 | 8:00 am GMT+7
Nghiem Xuan Thanh appointed Party chief of Khanh Hoa province
Nghiem Xuan Thanh, Party chief of Hau Giang province, was appointed by the Politburo, the country’s supreme decision-making body, to be Khanh Hoa province’s Party chief for the 2020-2025 term.
Politics - Sun, November 3, 2024 | 7:45 pm GMT+7
Thailand seeks FTA negotiations with Eurasian Economic Union
Thailand is holding talks with Russia to expedite negotiations for a free trade agreement (FTA) with the Eurasian Economic Union (EAEU).
Southeast Asia - Sun, November 3, 2024 | 7:20 pm GMT+7
Indonesia attracts foreign investment in technology sector
As many as 19 Australian companies have expressed an interest in investing in Indonesia's technology sector, Communication and Digital Affairs Minister Meutya Hafid said on Thursday.
Southeast Asia - Sun, November 3, 2024 | 7:18 pm GMT+7
Robots work hard, don’t argue: Viettel exec counsels effective use of technology
Small businesses in logistics should look to use existing tools, software and technology solutions effectively, says Dinh Thanh Son, deputy CEO of Viettel Post.
Companies - Sun, November 3, 2024 | 4:30 pm GMT+7
Vietnamese multi-sector group Masan uses AI to forecast product sales: executive
AI has helped Masan Group forecast the number of items likely to be sold during peak season based on available data and to optimize product placement, says An Luong, head of the corporation’s artificial intelligence & data science division.
Companies - Sun, November 3, 2024 | 2:51 pm GMT+7
Vietnam needs large, specialized logistics centers to compete better: official
Vietnam needs large-scale, specialized logistics centers that will enable greater competitiveness of local economies and enterprises, says Tran Thanh Hai, deputy head of the Ministry of Industry and Trade's agency of foreign trade.
Economy - Sun, November 3, 2024 | 11:00 am GMT+7
Vietnam manufacturing sector sees 35% increase in Q3 job orders: Adecco
Vietnam’s manufacturing and sourcing sectors saw a substantial 35% year-on-year increase and a 52% quarter-on-quarter increase in Q3/2024 job orders, global workforce solutions provider Adecco said in a reseach report released Thursday.
Economy - Sun, November 3, 2024 | 9:00 am GMT+7
Construction majors to continue capitalizing on public investment projects
Vietnamese construction giants are expected to continue capitalizing on public investment projects for the remainder of this year after delivering strong performances in the third quarter, analysts say.
Companies - Sun, November 3, 2024 | 8:00 am GMT+7