Cement producers in Vietnam are facing a double challenge with domestic demand falling due to a slowdown in the property market and delays in transport infrastructure works and exports declining due to the COVID-19 epidemic.
Workers at a cement factory. Cement producers are facing difficulties in both the domestic and export markets due to Covid-19 epidemic. (Photo: VNA)
HCM City (VNS/VNA) - Cement producers in Vietnam are facing a doublechallenge with domestic demand falling due to a slowdown in the property marketand delays in transport infrastructure works and exports declining due to the COVID-19epidemic.
Nguyen Quang Cung,chairman of the Vietnam Cement Association, was quoted as saying by Dau Tu BatDong San (Real-estate Investment) magazine that demand in 2020 was expected to behuge before the troubles began.
While demand is low, competition in the cement industry is fierce, exacerbatingthe difficulties, he said.
The forecast had been for exports of around 34 million tonnes this year, butthe epidemic has put paid to those hopes since China used to be the mainclinker importer, he said.
Domestic sales in the first two months of this year were down 40 percentyear-on-year.
Cement and clinker exports in the period were down 30 percent.
Cung said that his association had petitioned the Government, State Bank of Vietnamand sectors for support to help the industry overcome the current difficulties.
It had sought cuts in taxes and bank lending interest rates, he said.
“In addition to the epidemic, the industry also faces many other challengeslike high materials and energy costs and fierce competition.”
Last year the Ministry of Construction had forecast demand this year to be 103million tonnes, with domestic consumption accounting for around 70 milliontones, and it has yet to revise it.
Since the end of last year the industry has been struggling due to high costs,with many companies reporting a downtrend.
Bim Son Cement Joint Stock Company reported a 55 percent year-on-year fall inprofits in the last quarter to 26.8 billion VND (1.2 million USD).
Vicem Hoang Mai Company reported an 11 percent fall in revenues and a 53 percentslump in profits.
Last year Vietnam exported nearly 34 million tonnes of cement and clinker worth1.4 billion USD, according to a report by the Ministry of Industry and Trade./.
While the cement industry was struggling with an excess of supply over demand, exports, which were considered a solution to boost consumption, failed to meet expectations.
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Workers at a cement factory. Cement producers are facing difficulties in both the domestic and export markets due to Covid-19 epidemic. (Photo: VNA) 
