Company supports new rural area projects in Cao Bang

Photo: thanhnienduongsat.vn

PANO - Hoang Thach Cement Company of the Vietnam Cement Industry Corporation (Vicem) on March 19th handed over 2,000 tonnes of cement to Cao Bang province to upgrade local rural roads. The quantity of cement will be used to build rural roads in the districts of Nguyen Binh, Trung Khanh, Phuc Hoa and Cao Bang city. Only three out of 163 communes in the province meet rural road standards set by the Government for new rural areas. From 2009 to 2014, under the Government's Resolution 30a, the corporation spent over VND 116 billion to support six needy districts of provinces of Nghe An, Thanh Hoa and Quang Nam. Translated by Anh Tien … [Read more...]

Vice President Nguyen Thi Doan awards Hoang Thach Vicem Cement Co. 1st-class Independence Order

Authorized by the President, Vice President Nguyen Thi Doan awards a 1st-class Independence Order to Hoang Thach Vicem Cement Company

Hoang Thach Vicem Cement Company on March 4 morning solemnly held its 35th founding anniversary and received a 1st-class Independence Order. In 35 years of construction and development, Hoang Thach Vicem Cement Company has produced and provided over 64 million tons of cement and dozens of million tons of clinker for the country and paid nearly VND4,700 billion to the State budget. The company has always been the leading unit and one of famous brand names of Vietnam's cement industry. Authorized by the President, Vice President Nguyen Thi Doan awarded the 1st-class Independence Order to Hoang Thach Vicem Cement Company. Mr. Bui Van Cuong, Alternate Member of the Central Party Committee, Secretary of the Central Business Bloc's Party Committee, presented the company with a hanging bearing the words "35 years of unity, innovation, construction, and development." Speaking at the ceremony, Secretary of the Hai Duong Provincial Party Committee Bui Thanh Quyen, Deputy Minister of … [Read more...]

Cement consumption rises 30 percent

Cement consumption in the country posted a 30 percent year-on-year rise in January 2015, reaching 5.87 million tonnes. The latest figures from the Department of Building Materials under the Ministry of Construction showed that local cement consumption in the first month of the year was higher than those in the previous month and in the same period last year. Specifically, the consumption was 4.37 million tonnes, which is 6 percent and 47 percent higher than last December and January, respectively. Of the total, the Vietnam Cement Industry Corporation (VICEM) sold 1.41 million tonnes of cement in local markets, 46 percent higher than its sales in the corresponding period last year. In addition, the amount of cement exported was estimated at 1.5 million tonnes. The department said that the selling price of cement last month was more stable than its price last year, thanks to the balance in supply and demand of cement production and consumption. By the end of last month, the … [Read more...]

Breakfast @ Tuoi Tre News – January 21

Politics    -- Vietnamese Prime Minister Nguyen Tan Dung on Tuesday met with Cardinal Fernando Filoni, Prefect of the Congregation for the Evangelization of Peoples, during his pastoral visit to Vietnam.    Society

Enjoy your breakfast while skimming through these news items in brief on Tuoi Tre News today, January 21, 2015. -- Police in Ho Chi Minh City’s District 1 said on Tuesday that they had arrested a 26-year-old woman, who works as a tutor for an international school based in the district, for attempting to blackmail the director of the school. -- The local government and related agencies in Phu Quy Island District in the south-central province of Binh Thuan on Tuesday morning received 12 crew members. Their boat’s engine failed on Friday last week when it was around 110 nautical miles from Phu Quy and was adrift until they were found and rescued on Monday. -- The Vietnam Expressway Corporation said at a Tuesday meeting that the Ho Chi Minh City-Long Thanh-Dau Giay Expressway, which is 55 kilometers long, will be open to traffic on February 8. -- An official in Thach Ha District in the central province of Ha Tinh has confirmed two three-year-old children drowned on … [Read more...]

Vietnam expects USD1 billion from cement export

Photo for illustration (Source: baoxaydung.com.vn)

Vietnam could rake in USD1 billion from exporting 20-21 million tonnes of cement and clinker in 2014, up 15 percent in value compared to last year, according to the Vietnam Cement Association. Preliminary statistics from the Customs General Department showed that the shipment of cement and clinker increased in both volume and value in January-October, reaching nearly 18 million tonnes. Major cement companies have reported positive results over the past time, with stable export volumes and many new markets. Tran Viet Thang, Director General of the Vietnam Cement Industry Corporation (Vicem), which holds 34 percent of the sector's output, said his company exported about 1.8 million tonnes of the products in the first three quarters of 2014 and plans to sell 1 million tonne in the last three months to raise its total exports to 3 million tonnes, meeting the yearly target set early this year. Last month, the Thang Long Cement JSC shipped 4,000 tonnes of cement to the Philippines . The … [Read more...]

Vietnam expects US$1 billion from cement export

Vietnam could rake in US$1 billion from exporting 20-21 million tonnes of cement and clinker in 2014, up 15% in value compared to last year, according to the Vietnam Cement Association. Preliminary statistics from the Customs General Department showed that the shipment of cement and clinker increased in both volume and value in January-October, reaching nearly 18 million tonnes. Major cement companies have reported positive results over the past time, with stable export volumes and many new markets. … [Read more...]

Vietnam expects 1 billion USD from cement export

Vietnam could rake in 1 billion USD from exporting 20-21 million tonnes of cement and clinker in 2014, up 15 percent in value compared to last year, according to the Vietnam Cement Association. Preliminary statistics from the Customs General Department showed that the shipment of cement and clinker increased in both volume and value in January-October, reaching nearly 18 million tonnes. Major cement companies have reported positive results over the past time, with stable export volumes and many new markets. … [Read more...]

Economic restructuring brings opportunities to investors

Investment opportunities from the equitisation of state-owned enterprises (SOEs), the acquisition of bad debts and investment in the consumer goods and retail sectors are of great interest to experts and investors in the current context, said the Vietnam Economic News. The Vietnamese securities market is said to offer great potential compared with other Southeast Asian countries and the equitisation of SOEs has attracted great attention from domestic and foreign investment funds. So far, Vietnam has equitised 4,100 SOEs. Under the Prime Minister's guidance, 432 SOEs must be equitised in 2014 and 2015. These include the Vietnam National Textile and Garment Group (Vinatex), three corporations established under Prime Ministerial Decision 91/TTg (Vietnam Airlines Corporation, Vietnam Cement Industry Corporation and Vietnam National Shipping Lines (Vinalines), 54 corporations established pursuant to Prime Ministerial Decision 90/TTg, and SOEs managed by different ministries, sectors and … [Read more...]

Cement consumption bounces back

The domestic consumption of cement in the first eight months bounced back to a sustainable status, which is being seen a relief for producers with surplus inventories. Chairman of Vietnam Cement Association Nguyen Quang Cung told Thoi Bao Ngan Hang (Banking Times) newspaper, "Cement plants are likely to run at full throttle." Chairman of Vietnam Cement Industry Corporation (Vicem) Luong Quang Khai said that his company's inventory has dramatically fallen. As of August 31, the total inventory was equal to 14 production days. … [Read more...]

Government praises businesses for cost savings

Vietnam Airlines is one of the companies that were praised for cost savings by the Government.

Deputy Prime Minister Vu Van Ninh on Monday sent a dispatch praising some ministries and state-owned economic groups and corporations for well implementing the Prime Minister's instruction on management cost saving and cost price reduction in 2013. The commended Ministries include Finance, Industry and Trade, National Defense, Transport and Construction. … [Read more...]

State-own enterprises urged to quicken equitisation

Hanoi, July 4 (VNA) - Some 135 State-own enterprises (SOEs) listed in the 2014-2015 equitisation plan are urged to set up their own steering committees to hasten the process of their equitisation. They are expected to declare their asset values by the end of the second quarter in 2015 and have their privatization plans approved by the third quarter of the year. As many as 432 SOEs have been planned for equitisation in 2014 and 2015. By June 20, 38 SOEs were privatized, two dissolved, 15 others merged and three announced bankruptcy, according to the Ministry of Finance. … [Read more...]

Nghe An cement manufacturer enjoys booming sales

The Vicem Hoang Mai Cement Joint Stock Company has sold 765,600 tonnes of cement on the domestic market since the beginning of 2014, equivalent to 113 percent of the year's plan. The sales of Hoang Mai cement have risen in many localities. The central province of Ha Tinh accounts for 58 percent of the market share of the firm and Nghe An province, 30 percent. The success has been attributed to the manufacturer's efforts in applying advanced technologies in production, adopting innovative sales activities and improving its management structure. These helped the firm maximise the capacity of its machines and equipment and cut down considerably on production costs. … [Read more...]

Textiles and cement top export list

illustration photo

Textiles and garments led the field in terms of this year's exports in the first four months. Figures from the Ministry of Industry and Trade (MoIT) showed that Vietnam's four-month export turnover reached $46 billion, up 16.9 per cent on-year. Vietnam's four-month export turnover rose $6.6 billion on-year, of which $4.7 billion - with the exception of crude oil - was created by foreign invested firms. … [Read more...]

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 2011 - 2015, there are 28 units which need a restructuring scheme. Up to now, all 28 units have completed building their restructuring scheme, in which 24 projects have been approved. Under the scheme, all 24 units are organised in the model of the parent company-subsidiary; including 15 parent companies the State holding 100 percent charter capital; 9 parent companies which need to conduct equitisation. So far there are 3 parent companies which have conducted equitisation including Bao Viet … [Read more...]

Vinatex, VNA to equitize in 2014

Garment and textile exports exceed US$ 20 billion in 2013 (Photo: SGGP)

Vietnam National Textile and Garment Group (Vinatex) and Vietnam Airlines (VNA) are expected to equitize this year, according to the Party Committee of the Central Business Sector in Hanoi on April 2. The report was made at a conference to restructure state-owned business by 2015. It was attended by Deputy Prime Minister Vu Van Ninh and Head of the Party Central Committee's Economic Commission Vuong Dinh Hue. … [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 group had successfully exported cement and clinker to many oversea clients, fetching 54-60 USD per tonne. He said that last year although domestic consumption was low, the group reached its sales target of 6.2 million tonnes. Vietnam Cement Industry Corporation (Vicem), which holds a 38 percent market share, exported 2.3 million tonnes of cement and clinker last year, a 7.8 percent increase year-on- year. Chairman of the board of Vicem Luong Quang Khai said exports would help ease … [Read more...]

Cement export to ease overproduction

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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 sales target of 6.2 million tonnes. Vietnam Cement Industry Corporation (Vicem), which holds a 38 per cent market share, exported 2.3 million tonnes of cement and clinker last year, a 7.8 per cent increase on-year. Chairman of the board of Vicem Luong Quang Khai said exports were key to helping ease oversupply pressures. "Exports will help offload surplus inventories and attract foreign currencies. At current the clinker and cement export prices stand around $38 and $55 per tonne, … [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 and inefficient affiliates, while the total debts owed to Vicem are approximately four times its total equity capital. Despite the rich potential offered by mergers and acquisitions (M&As) in the sector, no domestic strategic investor has sufficiently strong financial resources to be able to purchase weak cement factories. Nguyen Quang Cung, chairman of Vietnam Cement Association (VCA) said foreign investors were poised to buy cash-strapped domestic cement firms to ease entry into the … [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 be overproduced, irrespective of another seven million tonnes set to be sourced from five new production lines to be commissioned in the second half of this year. According to general director Hoang Xuan Vinh of Cam Pha Cement JSC based in northern province of Quang Ninh, huge oversupply and fierce competition among firms has required Cam Pha Cement to take creative measures, reform its sales methods, consolidate distribution and improve its management efficiency. This year, the company … [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 financial conditions and the effectiveness of production, business and non-core investments, particularly concerning the restructuring of state-owned corporations, groups and commercial banks. After the audits, the State Audit of Vietnam will submit their proposals for better implementing the restructuring to the government and the National Assembly, said Nguyen Huu Van, head of the State Audit of Vietnam. The audits will be carried out more carefully, with extra attention paid to collect … [Read more...]