SOE Restructuring: Slow Progress, Limited Results

The conference promoting the restructuring of state owned enterprises (SOEs) was organised on April 2, reviewing the restructuring of groups, corporations and banks of the Block of Central Enterprises from 2011 to present, and working out a specific plan for 2015. Speaking at the conference, Nguyen Van Ngoc, Permanent Deputy Secretary of the Block's Party Committee, said that currently, the Party Committee of the Block of Central Enterprises has 32 groups, corporations, and banks. In the period … [Read more...]

Oversupply forces domestic cement producers to look abroad

Oversea market is viewed as a potential solution for Vietnamese cement producers as supply still exceeds demand and the domestic market outlook remains grim, industry insiders have said. Hoang Manh Truong, Chairman of the board of the Vissai Ninh Binh Group, said his group boosted cement exports last year, according to the Vietnam Investment Review. The Chairman of Vissai Ninh Binh Group, a big private economic group, with cement production as one of its core businesses also said his … [Read more...]

Cement export to ease overproduction

1451648-img-6783-copy

Promoting exports is still viewed as a potential solution for a cement industry currently domestic oversupply pressures. Hoang Manh Truong, chairman of the board of the Vissai Ninh Binh Group, a big multi-field non-state economic group with cement production as one of its core functions said the group's cement and clinker was being exported healthily, fetching $54-60 per tonne depending on the market. He said that last year although domestic consumption was low, the group reached its … [Read more...]

Vietnam’s failing cement makers fear foreign buy-outs

Foreign investors are keen to buy into Vietnam's failing cement makers in order to access clinkerPhoto: Duc Thanh

Cement industry insiders are worried that foreign investors will swallow up domestic producers through merger and acquisition activities as many Vietnamese companies are on the verge of bankruptcy. A representative of state-run Vietnam Cement Industry Corporation (Vicem), Vietnam's largest cement producer, admitted that many domestic firms were on the verge of bankruptcy due to the falling domestic demand, high interest rates and oversupply. Vicem itself is already burdened by profligate … [Read more...]

Cement firms remain stuck

The outlook is bleak for Vietnam's cement producers as years of oversupply is exacerbated by sinking demandPhoto: Le Toan

Another tough year is forecasted for cement firms amid an oversupplied and sluggish property market. Total cement consumption in 2014 is estimated at 62-63 million tonnes, up 3 per cent against 2013. Of this, 48.5-49 million tonnes is to serve the domestic market and 13.5-14 million tonnes is for export, according to the Ministry of Construction's latest forecast. Assuming that consumption matches expectations and cement firms do not amend their capacity, about seven million tonnes will … [Read more...]

State-owned giants to be audited in 2014

The number of firms selected for audit this year is 35 more than in 2013.

It is expected that 184 companies will be audited in 2014, including 43 state-owned corporations and groups, according to the State Audit of Vietnam. This year's list includes big state-owned corporations and groups such as military-run Telecommunications Group (Viettel), Bao Viet Group, Vietnam Cement Industry Corporation (Vichem), Petrolimex Joint Stock Insurance Company (PJICO), the Debt and Asset Trading Corporation (DATC), among others. The audits will focus on assessment of overall … [Read more...]

PAN, SHN, HVX Announce Share Issuance

Pan Pacific Corporation (PAN), Ha Noi Investment General Corporation (SHN) and Hai Van Cement Joint Stock Company (HVX) announced share issuance. PAN approved to issue 20.3 million shares, with a minimum price of VND 32,000 per share, to its foreign investors in the first quarter of 2014. The company estimates to collect around VND650 billion to be used to invest in agricultural, seafood and consumer food companies. PAN currently owns a charter capital of VND 200.5 billion. SHN plans to issue … [Read more...]

Vietnam construction industry eyes foreign markets

Many domestic construction material producers have outlined their new business plans recently, giving priority to developing exports. They see this as a way to increase profits because the domestic market outlook is still gloomy, analysts say. They note that although domestic construction material market has in recent months showed slight recovery signs after the two years of sluggishness, significant improvements in purchasing power cannot be expected. The added focus on exports also has … [Read more...]

Football clubs struggle in hard economic times

Banner for Vicem Haiphong FC

The Vietnam Professional Football Company (VPF) said that local football clubs will continue to face serious financial difficulties over the next two years. The V-League Cup has already lost K. Kien Giang and Binh Dinh FC, and may lose more players, as a major sponsor, Vietnam Cement Industry Corporation (Vicem), decided to leave the football team in the hands of Haiphong municipal government. A member of VPF, Tran Duy Ly, along with Haiphong authourities confirmed that the club would … [Read more...]

Vicems applies ISO to ensure labor’s safety

Vicem Hoang Thach Cement One Member Co Ltd is one of Vicem's member units that well implement occupational safety operations

(VEN) - Over recent years, Vietnam Cement Industry Corporation (Vicem) has broadly applied the occupational health and safety management systems across the whole sector to minimize negative impacts on worker safety. As the sector can easily cause environmental pollution, the risks of occupational accidents and diseases are quite high, while implementation of the Occupational Health and Safety (OSH) procedures can be quite complicated. Over the past years, Vicem's member units in many … [Read more...]