FiinGroup is pleased to introduce Vietnam Cement Market Report 2020, the first and most comprehensive issue on Vietnam cement industry. This report presents a board range of topics, both sector-specific and crosscutting market issues. What’s New? The growth momentum of Vietnam cement industry in 2019 has slowed down significantly for both domestic and export market. Despite the slowdown in sales growth, local cement manufacturers managed to achieve an improvement in profitability with EBITDA margin from 16.3 percent in 2018 to 16.9 percent in 2019 thanks to good cost management & the increase in retail cement price. This 2020 issue provides the latest information on current supply – demand situation in Vietnam cement sector with the in-depth analysis on key growth drivers, outlook for 2020 as well as forecast analysis until 2030. Especially, the analysis on retail bagged cement price for PCB30 and PCB40 by region and key brands is also included in this report. See more here: http://bit.ly/3d8Imoo

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Date: March 2020
Dear Our Value Clients,
Re: The publication of Vietnam Cement Market Report 2020
FiinGroup has been issuing the annually updated Vietnam Cement
Market Report for eight years, providing the first and most
comprehensive report on this sector. Based on the feedbacks from our
clients, in addition to the comprehensive analysis of the market, we
updated Vietnam Cement Market Report this year with emphasis on
demand from domestic market and key export destination as well as
detailed projection until 2030. In addition, we also included in this issue
the analysis on retail bagged cement prices for PCB30 and PCB40 by
region and key brands in each region.
The purpose of research work is to have an in-depth understanding of
Vietnam cement market and assessing potentiality of the market and
how to penetrate the market for current players. To assess the cement
outlook in 2030, key growth drivers from both domestic market such as
infrastructure construction, real estate market and export markets are
also covered.
In addition to our experience in this industry, we have conducted
various discussions and interviews with industry experts, VNCA, cement
manufacturers executive levels to grasp local insights and the practical
ways of doing cement business in Vietnam.
We understand that this is a targeted but also an open research. We would
be happy to provide any further information to address any questions that
you may have, for any specific sector or target business in Vietnam.
Should you have any questions, please contact me or our Manager, Mr. Hai
Khieu at +84 (24) 3562 6962 (ext. 121) or his email:
hai.khieu@fiingroup.vn.
Yours sincerely,
Le Xuan Dong
Director, Market Research Services
FiinGroup Joint Stock Company
FiinGroup Joint Stock Company
Head Office
10th Floor, Peakview Tower
36 Hoang Cau, Dong Da
Hanoi, Vietnam
Tel: +84 (24) 3562 6962
www.fiingroup.vn
Ho Chi Minh City Branch
3rd Floor, Profomilk Plaza Bldg,
51-53 Vo Van Tan, Ward 6,
District 3, Ho Chi Minh, Vietnam
Tel: +84 (28) 3933 3586

3. 3
Table of Contents
Part Content Page
Executive Summary 5 – 7
1 Section 1: Supply and Demand Analysis 8 - 24
1.1 Demand Analysis 8 – 14
1.2 Supply Analysis 15 – 19
1.3 Forecast Analysis 20 – 24
2 Section 2: Competition landscape 25 – 37
2.1 Market Share 25 – 29
2.2 Retail Cement Price Analysis 30 – 37
3 Section 3: Sector Financial Performance 38 – 43
4 Section 4: Market Outlook 44 – 52
Appendices 53 – 65
Appendix 1: Clinker Facilities in Vietnam 53 – 55
Appendix 2: Clinker & Cement Export Activities 56 – 60
Appendix 1: Listed Cement Companies’ Factsheet 61 – 65

4. 4
Abbreviation
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5. 5
Executive Summary – What’s New?
We have completed the review of the cement
market in Vietnam. Information covered
includes market size and growth, potentiality,
competition dynamics and market outook in
2020 and until 2030.
Below are the most critical findings that could
be important for your consideration.
1) The growth momentum of Vietnam cement
industry has slowed down significantly in
2019. Total sales volume of clinker and cement
reached xx million tons in 2019, posting the y-
o-y growth of xx% in 2019. The slow growth
momentum of Vietnam cement industry could
be explained by the reduction in both domestic
market and export activities.
Domestic cement sales volume edged up only
xx% in 2019, much lower than the figure of xx%
of the previous year. This results from the slow
disbursement of government expenditure for
infrastructure projects, strict regulations on
financing sources for real estate developments,
slow licensing process for new property
projects and slow down of major real estate
sector, especially for residential and hospitality
segments.
The growth of clinker & cement export volume
also slowed down significantly to xx% in 2019,
much lower than the corresponding figure of
xx% in the previous year. This is due to the
slump in clinker volume purchased by some
large buyers such as those from Bangladesh.
The main reason is that average export price
from Vietnam remained high at over US$xx per
ton during 2019 driven by the shortage of
supply and higher purchases from China,
triggering Bangladesh buyers to source clinker
from other alternative markets such as
Thailand, Pakistan, etc.
Cement sales volume growth in Vietnam
2014 2015 2016 2017 2018 2019
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6. 6
Executive Summary – What’s New?
4) Avg. clinker export price experienced the
downward trend while avg. cement export
price rebounded in February 2020.
Monthly average clinker and cement export
price, US$ per ton
30
35
40
45
50
55
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7. 7
Executive Summary – What’s New?
9) Cement industry recorded the improved
profitability thanks to good cost
management & the increase in retail cement
price.
Profitability of listed cement companies in
Vietnam is steadily improved
2014 2015 2016 2017 2018 2019
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Section 1: Supply & Demand Analysis
Page
1.1 Demand Analysis 8 – 14
1.2 Supply Analysis 15 – 19
1.3 Forecast Analysis 20 – 24
Content

9. 9
2014 2015 2016 2017 2018 2019
Domestic cement sales Clinker & cement export TOTAL
Biinform® Portal
The growth momentum of Vietnam cement industry has slowed down significantly in 2019
Section 1: Supply & Demand Analysis
1.1 Demand Analysis
Figure 1: Total sales volume of cement & clinker in Vietnam, mn tons Figure 2: Annual sales growth of Vietnam cement industry
Source: FiinResearch from VNCA, General Customs Source: FiinResearch from VNCA, General Customs
TOTAL SALES
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Growth momentum
has slowed down
significantly in
2019
2014 2015 2016 2017 2018 2019
Domestic cement sales Clinker & cement export

10. 10
2014 2015 2016 2017 2018 2019
North South Central
Biinform® Portal
Domestic market recorded slow sales volume in all regions, especially in the South
Section 1: Supply & Demand Analysis
1.1 Demand Analysis
Figure 3: Vietnam domestic cement sales volume by region, mn tons Figure 4: Vietnam domestic cement sales growth by region
Source: FiinResearch from VNCA Source: FiinResearch from VNCA
DOMESTIC MARKET
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Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
clinker cement
Biinform® Portal
Clinker & cement export activities witnessed slow growth momentum in 2019
Section 1: Supply & Demand Analysis
1.1 Demand Analysis
Source: FiinResearch from VNCA & General Customs
EXPORT ACTIVITIES
Figure 6: Monthly cement & clinker export volume (mn tons), Jan 2018 –
Feb 2020
Figure 5: Annual clinker & cement export volume, mn tons
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A slump in clinker export price due
to outbreak of COVID-19 in China
2014 2015 2016 2017 2018 2019
clinker cement
Export vol.
- clinker
- cement

12. 12
Biinform® Portal
Figure 7: Vietnam monthly clinker export volume to major markets, mn tons
Source: FiinResearch, General Customs
EXPORT ACTIVITIES
Outbreak of COVID-19 in China
Section 1: Supply & Demand Analysis
1.1 Demand Analysis
A slump in clinker export volume to Bangladesh resulted in the negative growth of clinker
export from Vietnam in 2019
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2019 Growth
(y-o-y)
2M2020 Growth
(y-o-y
China
Bangladesh
Taiwan
Others
TOTAL

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Cement export continued to witness a remarkable increase by xx% thanks to the strong
demand from China
Figure 8: Vietnam monthly cement export volume to major markets, mn tons
Source: FiinResearch, General Customs
EXPORT ACTIVITIES
Section 1: Supply & Demand Analysis
1.1 Demand Analysis
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Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Philippines China Peru South Africa Others
2019 Growth
(y-o-y)
2M2020 Growth
(y-o-y
Philippines
China
Others
TOTAL
Provisional safeguard duty of
PHP210 (US$4.1) per ton for
200 days
DTI of Philippines finalized the
definitive safeguard duty of
PHP250 (US$4.9) per ton for 3
years

14. 14
Biinform® Portal
Avg. clinker export price experienced the downward trend while avg. cement export price
rebounded in February 2020
Section 1: Supply & Demand Analysis
1.1 Demand Analysis
Figure 9: Monthly average clinker and cement export price, US$ per ton
Source: FiinResearch from General Customs
EXPORT ACTIVITIES
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Section 1: Supply & Demand Analysis
Content
Page
1.1 Demand Analysis 8 – 14
1.2 Supply Analysis 15 – 19
1.3 Forecast Analysis 20 – 24

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In term of production capacity, over xx% of cement manufacturing plants are set up in
Red River Delta & Central Coast with the availability of limestones & clay
Figure 10: Cement and clinker production capacity (mn tons)
Source: FiinResearch
2015 2016 2017 2018 2019
Section 1: Supply & Demand Analysis
1.2 Supply Analysis
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17. 17
Biinform® Portal
The majority of existing large-scaled cement manufacturing plants are located in Red
River Delta (cont.)
Section 1: Supply & Demand Forecast Analysis
1.2 Supply Analysis
Figure 11: Breakdown of cement production capacity by province, 2019
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Biinform® Portal
Section 1: Supply & Demand Analysis
1.2 Supply Analysis
Key manufacturers’ cement grinding designed capacity (mn. tons), 2019
The market recorded a new production line VICEM Bim Son in mid-2019 with designed
capacity of xx mn tons
Vissai Cong Thanh ThaiGroup Long Son Thanh
Thang
Duyen Ha Dong Lam
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Group of players FiinGroup’s comment
Local private
VICEM
Foreign-owned
Other SOEs

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Owner Factory Name Province Designed capacity(1)
Clinker Cement
To complete in 2020
To complete in 2021
To complete in 2023
Total new capacity during 2020-2023
2018 2019 2020f 2021f 2022f 2023f
2018 2019 2020f 2021f 2022f 2023f
FORECAST
Biinform® Portal
Despite supply surplus situation, private cement manufacturers in Vietnam keep
developing new facilities in the upcoming years, mainly targeting at export markets
Section 1: Supply & Demand Analysis
1.2 Supply Analysis
Figure 12: Clinker and cement designed capacity in Vietnam
Clinker
Cement
FORECAST
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Section 1: Supply & Demand Analysis
Content
Page
1.1 Demand Analysis 8 – 14
1.2 Supply Analysis 15 – 19
1.3 Forecast Analysis 20 – 24

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Section 1: Supply & Demand Forecast Analysis
1.3 Forecast Analysis
Our methodology to forecast cement demand and supply
DEMAND SIDE SUPPLY SIDE
 “Supply” is calculated as cement designed capacity.
 FiinGroup have database of all xx existing facilities in the country with
total cement designed capacity of xxmn tons as of March 2020.
 In addition, we observed and updated the status of all cement
projects in the Government’s Master Plan for the forecast analysis of
supply.
DEMAND SIDE SUPPLY SIDE
 “Supply” is calculated as clinker designed capacity.
 FiinGroup have database of all xx existing facilities in the country with
total clinker designed capacity of xx mn tons as of March 2020.
 In addition, we observed and updated the status of all cement
projects in the Government’s Master Plan for the forecast analysis of
supply.
Our methodology to forecast clinker demand and supply

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87.6 94.7 100.4 103.1 115.8 115.8 117.3 119.3 127.4 127.4 129.9 129.9 129.4 131.7 131.7 131.7 131.7 131.7
51.4
58.1
63.7 65.3 65.3
73.3 76.8 76.1 78.7 81.5 84.4 87.4 90.5 93.7 97.1 100.6 104.2 108.0
0.0
30.0
60.0
90.0
120.0
150.0
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Supply Demand
Section 1: Supply & Demand Forecast Analysis
1.3 Forecast Analysis
Vietnam cement industry is forecasted to face oversupply situation until 2030
CEMENT
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Figure 13: Forecast of cement designed capacity and cement sales volume in Vietnam, mn tons
Source: FiinResearch’s estimated
Note: Utilization rate is calculated based on existing & certain projects with detailed timelines only
FORECAST ANALYSIS
HISTORICAL DATA
xx existing
facilities & xx
certain
projects with
detailed
timelines
FORECAST ANALYSIS
HISTORICAL DATA
Utilization rate

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Section 1: Supply & Demand Forecast Analysis
1.3 Forecast Analysis
Vietnam cement industry is forecasted to face oversupply situation until 2030 (cont’d)
CLINKER
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24. 24
Biinform® Portal
Average utilization rate of Vietnam cement industry keeps declining below international
industry practice of xx%, resulting from private players’ newly developed facilities
Section 1: Supply & Demand Analysis
1.3 Forecast Analysis
Source: FiinResearch
Figure 15: Utilization rate of cement industry in Vietnam
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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020f
Clinker Cement
International industry practice on utilization rate of 85%

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Section 2: Competition Landscape
Content
Page
2.1 Market Share 25 – 29
2.2 Retail Cement Price Analysis 30 – 37

26. 26
VICEM and foreign owned players continued leading the market with xx% of domestic
sales volume in 2019
Section 2: Competition Landscape
2.1 Market Share
DOMESTIC MARKET
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Figure 16: Market share by domestic sales volume of key groups of players, 2019
Source: FiinResearch from VNCA
2018
2019

27. 27
Leveraging the leading position, VICEM achieved relatively high utilization rate of xx%,
which is higher than foreign-owned players’ figure in 2019
Section 2: Competition Landscape
2.1 Market Share
DOMESTIC MARKET
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Source: FiinResearch, VNCA
Figure 17: Domestic cement sales volume of selected of players, 2019
Domestic sales vol. (mn. tons) Utilization rate (%)

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Local private cement manufacturers dominated clinker export activities, accounting for
xx% of total clinker export volume from Vietnam in 2019
Section 2: Competition Landscape
2.1 Market Share
Source: FiinResearch, General Customs
Figure 18: Market share by clinker export volume, 2019
CLINKER EXPORT
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Market share
2019
Market share 2019
Market share 2019
Market share 2019

29. 29
Local private manufacturers led the cement export market with xx% of market share by
cement export volume in 2019
Section 2: Competition Landscape
2.1 Market Share
CEMENT EXPORT
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Figure 19: Market share by cement export volume, 2019
Source: FiinResearch, General Customs
Market share
2019
Market share 2019
Market share 2019
Market share 2019

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Section 2: Competition Landscape
Content
Page
2.1 Market Share 25 – 29
2.2 Retail Cement Price Analysis 30 – 37

31. 31
Jun-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Dec-16 Dec-17 Aug-18 Jan-19 Feb-19 Mar-19 May-19 Jul-19 Nov-19 Dec-19
North Central South
Cement price follows upward trend at the last months of 2019 in all regions…
Section 2: Competition Landscape
2.2 Retail Cement Price Analysis | Domestic cement price
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Figure 20: Average cement price by region (US$ per ton)
Source: FiinResearch, VNCA

32. 32
With the hike coal price and electricity tariff by xx% and xx%, cement manufacturers
announced to increase domestic cement price by xx% in April & May 2019
Section 2: Competition Landscape
2.2 Retail Cement Price Analysis | Domestic cement price
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Figure 21: EVN’s electricity tariff for manufacturing sectors in Vietnam, VND/kWh
Source: FiinResearch
Figure xx: Coal price for manufacturing sectors in Vietnam, Thousand VND per ton
Source: FiinResearch, TKV

33. 33
Biinform® Portal
Amongst regions in Vietnam, the South has the highest cement price levels
Section 2: Competition Landscape
2.2 Retail Cement Price Analysis | Average cement price in each region
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Figure 22: Average retail price of bagged cement (by province), Dec 2019
Source: FiinResearch
The analysis on average retail price of bagged cement is based on data from our price survey on 20 leading cement brands with cement distributors/retailers in 15 provinces including
Hanoi, Ha Nam, Ninh Binh, Hai Duong, Hai Phong, Quang Ninh, Thanh Hoa, Nghe An, Quang Binh, Hue, HCMC, Kien Giang, Dong Nai, Ba Ria - Vung Tau, Can Tho. The survey was conducted
in Dec 2019, covering two types of bagged cement including PCB30 & PCB40.

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Highest price
Avg. price
Lowest price
64.7
68.6
60.4
68.2
79.0
76.8
75.5
56.7
59.8
53.7
65.1
77.3
59.5
70.6
40.6
41.9 42.3
60.4
74.7
55.7
67.3
Northern
Midlands &
Mountainous
Red River
Delta
North
Central
Coast
South
Central
Coast
Central
Highlands
Mekong
River Delta
South East
Biinform® Portal
In 2019, avg. cement price stayed high at US$xx per ton in the Central Highlands
Section 2: Competition Landscape
2.2 Retail Cement Price Analysis | Average PCB30 price by region
Figure 23: Average retail price of PCB30 bagged cement by region (US$ per ton), Dec 2019
Source: FiinResearch, VNCA
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North Central South Nation wide

35. 35
Biinform® Portal
Cement PCB 30 price of key players in each region
Section 2: Competition Landscape
2.2 Retail Cement Price Analysis | Average PCB30 price of major cement manufacturers
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Figure 24: Price of PCB 30 of key players in key provinces of each region, Mar 2020
NORTH CENTRAL SOUTH
Hanoi
Quang Ninh
Hai Phong
Quang Binh
Thanh Hoa
Hue & Nghe An
HCMC
Can Tho
Kien Giang & Dong Nai
Source: FiinGroup
The analysis on average retail price of bagged cement is based on data from our price survey on 20 leading cement brands with cement distributors/retailers in 15 provinces including Hanoi,
Ha Nam, Ninh Binh, Hai Duong, Hai Phong, Quang Ninh, Thanh Hoa, Nghe An, Quang Binh, Hue, HCMC, Kien Giang, Dong Nai, Ba Ria - Vung Tau, Can Tho. The survey was conducted in Dec
2019, covering two types of bagged cement including PCB30 & PCB40.

36. 36
Biinform® Portal
PCB40 price recorded the highest in Central Highlands such as Gia Lai, Kon Tum
Section 2: Competition Landscape
2.2 Retail Cement Price Analysis | Average PCB40 price by region
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Figure 25: Average retail price of PCB40 bagged cement by region (US$/ton), Dec 2019
Source: FiinResearch, VNCA

37. 37
Biinform® Portal
Cement PCB 40 price of key players in each region
Section 2: Competition Landscape
2.2 Retail Cement Price Analysis | Average PCB40 price of major cement manufacturers
Figure 26: Price of PCB 40 of key players in key provinces of each region, Mar 2020
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NORTH CENTRAL SOUTH
Hanoi
Quang Ninh
Hai Phong
Quang Binh
Thanh Hoa
Hue & Nghe An
HCMC
Can Tho
Kien Giang & Dong Nai
Source: FiinGroup
The analysis on average retail price of bagged cement is based on data from our price survey on 20 leading cement brands with cement distributors/retailers in 15 provinces including Hanoi,
Ha Nam, Ninh Binh, Hai Duong, Hai Phong, Quang Ninh, Thanh Hoa, Nghe An, Quang Binh, Hue, HCMC, Kien Giang, Dong Nai, Ba Ria - Vung Tau, Can Tho. The survey was conducted in Dec
2019, covering two types of bagged cement including PCB30 & PCB40.

38. 38
Section 3: Sector Financial Performance
Content
Page
3 Sector Financial Performance 38 - 43

39. 39
• Our analysis on listed cement companies’ financial performance is empowered by the most comprehensive and insightful
financial database for Vietnam – our FiinPro Platform. At the time of this report, financial data of private unlisted cement
companies for FY2019 is not available. FiinGroup will update this part once the FY2019 data is available.
• Particularly, there are 47 public cement companies in Vietnam (11 listed companies on HOSE & HNX, 13 and 23 companies
registered on UPCOM and OTC, respectively). Of which, 5-year (2014 – 2019) historical data is available for 11 cement companies
including Quang Ninh Construction & Cement, Yen Binh Cement, La Hien Cement, VICEM But Son, Thai Binh Cement, Ha Tien 1
Cement, Can Tho Cement, Bim Son Cement, Sai Son Cement, VICEM Hoang Mai Cement, VICEM Hai Van Cement, VVMI Quan Trieu
Cement. The analysis hereafter is based on these 11 companies which accounted for approximately 20% of total capacity and
33% of cement domestic sales volume in 2019.
Methodology
Section 3: Sector Financial Performance
3.1 Sector Financial Performance
Methodology

40. 40
Cost Analysis Unit 2016 2017 2018 2019
% COGS %
% SG&A %
% Financial expense %
Management ratios Unit 2016 2017 2018 2019
Account receivable turnover Time
Inventory turnover Time
Account payable turnover Time
Vietnam cement sector posted an improvement in financial performance in 2019
Section 3: Sector Financial Performance
3.1 Sector Financial Performance
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Source: FiinResearch
Figure 27: Key financial ratios – Sector average
Capital Structure &
Liquidity
Unit 2016 2017 2018 2019
D/E Time
Current ratio Time
Quick ratio Time
Profitability Unit 2016 2017 2018 2019
Operating margin %
Net profit margin %
EBITDA margin %

41. 41
Figure 28: Profitability of listed cement companies in Vietnam
Section 3: Sector Financial Performance
3.1 Sector Financial Performance
Cement industry recorded the improved profitability thanks to good cost management
0%
5%
10%
15%
20%
25%
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Source: FiinResearch
Figure 29: EBITDA margin of selected listed cement companies, 2018 vs. 2019

42. 42
Section 3: Sector Financial Performance
3.1 Sector Financial Performance
Decreasing financial expenses and SG&A, especially selling expenses support the
improvement in profitability of cement manufacturers in Vietnam
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Figure 30: Cost structure of listed cement companies
Source: FiinResearch

43. 43
Figure 31: Financial leverage of selected listed cement companies, 2019
Section 3: Sector Financial Performance
3.1 Sector Financial Performance
Small-scaled cement companies are relying on high leverage to finance their working
capital and capital expenditure demands in 2019
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Source: FiinResearch

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Section 4: Market Outlook
Content
Page
4 Market Outlook 44 - 52

45. 45
KEY MARKET TRENDS IMPLICATION ON CEMENT INDUSTRY
Domestic
Export
markets
Despite having positive drivers from domestic market, cement and clinker sales volume in
Vietnam is forecasted to slowdown in 2020 due to the adjustment in key export markets
Section 4: Market Outlook
4.1 Summary
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46. 46
Vietnam construction is forecasted to remain a modest growth momentum in 2020 thanks
to the Government’s commitment to boost stimulus public investment packages in 2020 to
reduce the COVID 19 impacts on the economy and expected improvement in residential
real estate sector
Figure 32: Total construction value growth by segment in Vietnam
Section 4: Market Outlook
4.2 Domestic Market
CONSTRUCTION
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Source: FiinResearch

47. 47
Section 4: Market Outlook
4.2 Domestic Market
Given recent improvement in public debt management, the Government is expected to
boost the public investment disbursement in 2020, maintaining modest outlook for cement
demand from infrastructure projects
INFRASTRUCTURE
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Figure 33: Slow public investment disbursement in Vietnam
Source: FiinResearch, MOF, GSO
Figure 34: The Gov’t has been improving public debt management
Source: FiinResearch
2018(p): provisional figures & subject to revision in Bulletin No. 8 Public Debt in Oct 2019
by MOF. 2019(e) is estimated (e) by the Gov' in Report No. 512/BC-CP dated on 18 Oct
2019.

48. 48
Figure 35: New supply for condominium in Hanoi & HCMC, Units
Source: FiinResearch
2017 2018 2019 2020(f) 2021(f) 2022(f)
The expected recovery of residential real estate segment in the second half also supports
the growth of cement industry in 2020
RESIDENTIAL
Section 4: Market Outlook
4.2 Domestic Market
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49. 49
However, limited financing sources for real estate developers remain the key challenges
in 2020
RESIDENTIAL
Section 4: Market Outlook
4.2 Domestic Market
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50. 50
Clinker & cement export to China is forecasted to shrink due to the negative impact of
Covid-19 & the changes in sourcing strategy of Chinese buyers in 2020
EXPORT | CHINA
Section 4: Market Outlook
4.3 Clinker & Cement Export
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Figure 39: Clinker & cement export activities from Vietnam to China, Jan 2018 – Feb 2020
Source: FiinResearch
Monthly clinker export volume (mn tons) & price (US$ per ton) Monthly cement export volume (mn tons) & price (US$ per ton)

51. 51
FiinGroup forecasts low clinker demand from Bangladesh buyers as avg. clinker export
price from Vietnam remains high at over US$xx per ton
EXPORT | BANGLADESH
Section 4: Market Outlook
4.3 Clinker & Cement Export
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Figure 40: Cement sales volume growth in Bangladesh
Source: FiinResearch, BCMA Source: FiinResearch, General Customs
Figure 41: Monthly clinker export vol. (mn tons) & price (US$ per ton)

52. 52
Despite safeguard measure from DTI, cement export volume from Vietnam to Philippines
is forecasted to remain strong thanks to robust infrastructure investment in this country
EXPORT | PHILLIPINES
Section 4: Market Outlook
4.3 Clinker & Cement Export
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Figure 42: Monthly cement export vol. (mn tons) & price (US$ per ton)
Source: FiinResearch, General Customs

53. 53
Appendices
Content
Appendix 1 Clinker Facilities in Vietnam
Appendix 2 Clinker & Cement Export Activities
Appendix 3 Listed Cement Companies’ Factsheet

54. 54
The majority of existing large-scaled clinker manufacturing plants are located in Red
River Delta & the Central
Appendix 1
Clinker Facilities in Vietnam
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55. 55
The market recorded a new production line VICEM Bim Son in mid-2019 with clinker
designed capacity of xx mn tons
Appendix 1
Clinker Facilities in Vietnam
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56. 56
Appendices
Appendix 1 Clinker Facilities in Vietnam
Appendix 2 Clinker & Cement Export Activities
Appendix 3 Listed Cement Companies’ Factsheet
Content

57. 57
Biinform® Portal
Top 10 importers of Vietnam clinker and cement in 2019
Appendix 2
Export Activities | Top 10 Clinker & Cement Buyers
EXPORT ACTIVITIES
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58. 58
Local private players are actively participating in clinker & cement export
Appendix 2
Export Activities | Top Clinker & Cement Exporters
EXPORT ACTIVITIES
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59. 59
No. EXPORTERS KEY DESTINATIONS KEY PARTNERS
1
2
3
4
5
Top 10 exporters by volume in 2019
Appendix 2
Export Activities | Top 10 Clinker & Cement Exporters
EXPORT ACTIVITIES
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Top 10 Exporters by Volume (mn tonnes), 2019

60. 60
No. EXPORTERS KEY DESTINATIONS KEY PARTNERS
6
7
8
9
10
Top 10 exporters by volume in 2019 (cont’d)
Appendix 2
Export Activities | Top 10 Clinker & Cement Exporters
EXPORT ACTIVITIES
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Appendices
Appendix 1 ClinkerFacilities in Vietnam
Appendix 2 Clinker & Cement Export Activities
Appendix 3 Listed Cement Companies’ Factsheet
Content

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Appendix 3
Listed Cement Companies’ Factsheet
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Appendix 3
Listed Cement Companies’ Factsheet
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HA TIEN 1
VND Billions 2015 2016 2017 2018 2019
Net sales
Cost of Sales
Gross Profit
GP Margin %
Overhead Expenses
Sales & Marketing
S&M %
Administration
Admin %
EBIT
EBIT Margin %
EBITDA
EBITDA Margin %
Financial Expense
Interest Expense
Profit/(Loss) before tax
Net Profit/(Loss) after tax
Net Profit Margin %
Cash Flow From
Operation
CFO/Sales %
Current Assets
Accounts receivable
Non-Current Assets
Total Assets
Current Liabilities
Accounts payable
Borrowings
Non-Current Liabilities
Borrowings
Total Liabilities
Net Assets
Debt/ Total Assets %

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Appendix 3
Listed Cement Companies’ Factsheet
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Biinform® Portal
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66. ‹#›
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