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Top 7 largest cement companies in Vietnam (2022 update)

Top 7 largest cement companies in Vietnam (2022 update)

Thursday 21, 04 2022
The list of top largest cement companies in Vietnam is made by VietnamCredit based on both financial and non-financial indicators. Vietnam National Cement Corportion is the largest company in the fields, followed by Vietnam Holcim Cement Joint Stock Company, Nghi Son Cement Corporation…


Vietnam National Cement Corporation (VICEM), formerly the Union of Cement Enterprises was established on October 1, 1979 to manage cement factories operating in Vietnam.

On October 5, 1993, the Ministry of Construction issued Decision No. 456/BXD-TCLD renaming the Union of Cement Enterprises to Vietnam Cement Corporation. On November 14, 1994, the Prime Minister issued Decision No. 670/TTg on the establishment of Vietnam Cement Corporation operating under the model of Corporation 91.

Currently, VICEM has 10 cement factories with 16 production lines, and a capacity of 20 million tons of clinker and 27 million tons of cement/year. In addition, VICEM also participates in a joint venture with 3 companies and holds controlling shares / associates with 18 companies in various fields.

Vietnam National Cement Corporation

In 2021, total product consumption of the company reached 29.44 million tons, equivalent to 2020. Total revenue was estimated at VND 33,806 billion, equivalent to 2020. Profit before tax was estimated at VND 2,050 billion, down slightly by 1.3% compared to 2020.


Holcim Vietnam, formerly known as Sao Mai Cement Company, was established in February 1994 as a joint venture between Holcim Group and Vietnam Cement Corporation (now the Vietnam National Cement Corporation). In August 2008, Holcim Vietnam was re-registered in accordance with the Law on Enterprises as a limited liability company with 2 members namely Vietnam National Cement Corporation and Holcim Group with charter capital ratio of 35% and 65%.

Holcim Vietnam currently employs 1,500 people working in four production areas, an office in Ho Chi Minh City and 10 modern concrete batching plants.

As one of the leading enterprises in the cement industry in Vietnam, Holcim Vietnam attaches great importance to sustainable development.

Holcim Vietnam

The establishment of the Geocycle division in 2007 was a practical step towards the goal of sustainable development. The modern cement kiln at the Hon Chong factory is the ideal place to safely dispose of waste. Geocycle provides waste management solutions to many industries in Vietnam, including shoe manufacturing, pharmaceuticals, chemicals, consumer goods…


Nghi Son Cement Corporation (NSCC) is a joint venture between Vietnam National Cement Corporation (Vicem) and two Japanese multinational corporations, Taiheiyo Cement (TCC) and Mitsubishi Materials (MMC). The company was established on 11/04/1995.

In 2007, the second production line of the main factory and distribution station in Khanh Hoa province were constructed. In April 2010, the second production line was officially completed, bringing the total capacity of the main factory to 4.3 million tons/year.

Nghi Son Cement Corporation

In 2020, Nghi Son Cement recorded a revenue of about VND 5,380 billion and profit after tax of VND 303 billion, down 3% in revenue but up 21% in profit after tax compared to 2019.


Hoang Thach Cement Factory (now Vicem Hoang Thach Cement Company Limited) was constructed on May 19, 1977 in Hai Duong Province. This was the most modern cement factory in Vietnam at that time. The factory's production line follows European standards. The factory has a designed capacity of 1.1 million tons of clinker/year with an initial investment of USD 73,683 million.

Hoang Thach Cement Factory was established by Decision No. 333/BXD-TCCB dated 04/03/1980 by the Minister of Construction. After a period of construction, installation, testing and adjustment, on November 25, 1983 the first tons of clinker were released and on January 16, 1984, the first bags of cement bearing the Hoang Thach brand were sold.

On June 23, 2011, Vietnam National Cement Corporation issued Decision No. 01083/QD-XMVN transforming Hoang Thach Cement Company into Vicem Hoang Thach Cement One Member Limited Liability Company owned by Vicem.

Hoang Thach Cement Factory

In 2022, total revenue of Vicem Hoang Thach is expected to reach approximately VND 5,000 billion, an increase of over 8.2% compared to 2021; pre-tax profit is projected to reach about VND 268.68 billion.


Chinfon Cement Company, formerly known as Chinfon Hai Phong Cement Company, was established in 1992 as a joint venture between Chinfon-Vietnam-Holding Co., Ltd., Hai Phong City People's Committee and Vietnam National Cement Corporation. In 2007, Chinfon Hai Phong Cement Company officially changed its name to Chinfon Cement Company.

Chinfon is considered as one of the leading cement manufacturers in Vietnam with 2 production lines and a capacity of up to 9,200 tons of clinker/day and 3,900,000 tons of cement/year. Chinfon is currently one of the most efficient FDI enterprises in Vietnam.

Chinfon Cement Company

In addition to focusing on improving production capacity, Chinfon also focuses on investing and building environmental management programs.


Bim Son Cement Joint Stock Company, formerly known as Bim Son Cement Company - a state-owned enterprise directly under the Vietnam National Cement Corporation, was established in 1993. In 2006, the company was officially equitized and renamed Bim Son Cement Joint Stock Company. In the same year, the company was licensed to list and trade on HNX with code BCC.

After nearly 30 years of development, Bim Son Cement Joint Stock Company is currently one of the leading companies in Vietnam’s cement industry. In 2021, the company recorded revenue of VND 4,330.05 billion, profit after tax of VND 78 billion, up 0.7% and 46.2% respectively compared to 2020.

Bim Son Cement had set a business plan for 2021 with revenue of VND 4,420 billion and profit after tax of VND 86 billion. Thus, at the end of the financial year, the company did not complete the plan and only achieved 90.7% of the annual profit plan.

Bim Son Cement Joint Stock Company

As of December 31, 2021, the company's total assets decreased by 6.1% compared to the beginning of the year to VND 3,875.9 billion. In particular, fixed assets were VND 3,165.4 billion, accounting for 81.7% of total assets.


But Son Cement Company was established under Decision No. 54/BXD TCLD of the Minister of Construction, under the authorization of the Prime Minister in Document 6543/DMDN dated December 21, 1996. On March 23, 2006, the Ministry of Construction issued Decision No. 485/QD BXD to change But Son Cement Company into But Son Cement Joint Stock Company. On May 1, 2006, But Son Cement Company officially operated under the new model.

But Son Cement’s shares were officially traded on the Hanoi Stock Exchange from December 5, 2006. On July 1, 2011, But Son Cement Joint Stock Company changed its name to Vicem But Son Cement Joint Stock Company. After nearly 30 years of establishment and development, the production and business activities of Vicem But Son Cement Joint Stock Company have always been stable and growing.

But Son Cement Company

The company's cement products are widely consumed throughout the Northern market. Currently, But Son Cement is using PFEIFFER's MPS vertical roller mill with a design capacity of 320 tons/hour, a coal mill of the same brand with a capacity of 30 tons/hour, and four automatic bagging machines.

Alice Hoang Thao - VietnamCredit


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