Overview of Vietnam’s natural stone market

Along with the development of urban real estate projects and high-class resorts, in recent years, Vietnam's building materials market has witnessed the rise of natural stone products which have become an indispensable building material in luxury projects to many important national and international architectural works.

According to statistics of Houzz (the leading website for architecture, interior design, decoration and home improvement), natural stone has a stable growth rate of 2.2% per year. It is the most used material for the construction of hotels - resorts, offices - commercial centers, high-class apartments, and social works.

Market demand for Marble natural stone is forecasted to grow by 2.2% per year in the period 2018 - 2021 by The Freedonia Group (market research company in the US) and reach nearly 500 million m2 in 2021.

According to the Ministry of Construction, in 2020, investment in construction of technical, traffic and irrigation infrastructure was interested by the Government while people's demand for construction is still high. This is a good sign for enterprises producing building materials, including natural stone companies.

Top natural stone companies in Vietnam

If you are looking for a supplier of natural stone, the following list prepared by VietnamCredit will provide you with detailed information of 5 most reputable natural stone exploitation and processing companies in Vietnam. This list was created based on the revenue of businesses in 2020.

1. FLC STONE MINING AND INVESTMENT JOINT STOCK COMPANY

FLC Stone Mining and Investment Joint Stock Company was established in 2007. The company has affirmed its position in the Vietnamese as well as international markets in the field of mining and supplying natural stone products such as paving stone, marble, and infrastructure stone.

The products of this company can meet international quality standards and the requirements of fastidious markets in Europe and Australia.

In 2020, FLC Stone recorded a total revenue of over 1,120 billion VND (nearly 50 million USD), reaching ̣74.8% of the plan. Construction activities accounted for a large proportion in FLC Stone's revenue structure with the completion of many large projects, such as the largest hotel in Vietnam, FLC Grand Hotel Quy Nhon, inaugurated at the end of November 2020. .

2. TRUNG HAI NGHE AN -TRADING AND MINERALS JOINT STOCK COMPANY

Trung Hai Nghe An -Trading and Minerals Joint Stock Company (THNA Group) is among the largest and most prestigious stone mining and processing companies in Vietnam. This group has a closed production process from mining raw materials and processing at the factory to distribution and export.

The company specializes in manufacturing the following products:

• Ultra-fine white stone powder: Raw materials are exploited from white limestone quarries, processed on the world's leading advanced technology line - Synchronous line of Hosokawa Alpine – Germany
• Natural stone: Marble, large and small size slabs, ..

According to VietnamCredit's data, in 2020, THNA Group recorded a revenue of 26.7 million USD.

3. DAI PHUC CONSTRUCTION JOINT STOCK COMPANY

Dai Phuc Construction Joint Stock Company was established under the Business License No. 0700212306 dated February 18, 2003 of the Department of Planning and Investment of Ha Nam province. Over the course of nearly 20 years of establishment & development, the company has been and is increasingly asserting its position in the field of construction, mining, and construction materials in Vietnam.

In recent years, Dai Phuc has changed its strategy to take the mining sector as its key business activity.

The company currently has has 3 large-scale quarries, including:

• Con Tria quarry (Ha Tinh province) with total investment of 280 billion VND on a production area of 30 hectares.
• Len Hung quarry (Quang Binh province) with a total investment of VND 250 billion on a total area of 20 hectares, including 01 Korean crushing station of 450 tons/hour and 01 stone processing factory.
• Len Minh Cam quarry (Quang Binh) province with a total investment of 200 billion VND.

Dai Phuc Construction's revenue in 2020 is 5 million USD.

4. PADO COMPANY LIMITED

PADO Co., Ltd. was established in 2006 under the business registration license number 4102041673 issued by the Department of Planning and Investment of Ho Chi Minh City on August 2, 2006.

Operating in the field of natural stone interior & exterior decoration, PADO specializes in designing, processing and constructing interior & exterior items using natural stone materials imported from Spain, Italy, India, Turkey, Egypt, China, Portugal, Greece, Russia, Brazil, Iran, etc.

PADO provides the following products and services:

• Producing and Supplying natural stone materials for domestic and foreign projects.
• Design - construction of natural stone according to customer's request.
• Design and manufacture sculptures from natural stone.
• Care and maintenance of natural stone after construction.

5. VINASTONE JOINT VENTURE COMPANY

Vinastone Joint Venture Company is a joint venture between Ha Thanh Binh Investment and Development Company (Vietnam) and two leading Belgian companies in the field of natural stone. Established in 2001, Vinastone is considered as one of the leading exporters and suppliers of natural stone products in Vietnam and abroad.

The company specializes in:

• Supplying natural stone materials such as Marble, Granite, Basalt, Bluestone, Limestone and Sandstone, which are exploited domestically and imported in the form of finished products/semi-finished products/specified stones/cut stones as required.
• Stone processing/manufacturing service according to customer's requirements.
• Construction services for projects using natural stone.
• Natural stone care/maintenance service before and after construction
• Supply of materials and construction to complete the work

In 2020, Vinastone achieved a revenue of 4 million USD.

Henry Tran - VietnamCredit