FiinGroup is pleased to introduce Vietnam Cement Market Report 2025, the 12th issue on the Vietnam cement industry. This report presents a broad range of topics, both sector-specific and cross-cutting market issues.

What’s New? While domestic cement demand showed signs of recovery in 2024, total clinker and cement export demand weakened due to intensified international competition and sluggish demand from key traditional markets such as Bangladesh and the United States.

This 2025 issue provides the latest information on the current supply-demand situation in Vietnam cement industry, covering industry data & operational information up to the first five months of 2025. This report also provides an in-depth analysis of key growth drivers, the market outlook for 2025 and supply-demand forecast until 2030. Especially, the analysis of retail bagged cement prices for PCB30 and PCB40 by region, key brands and production cost are also included in this report.

Below are the most critical findings in our 12th issue:

1. In 2024, total clinker & cement sales in Vietnam grew by 9.8% (y-o-y) to achieve 94.4mn tons, mainly driven by the recovery of the domestic market. Domestic cement demand surged to 66.5 million tons, while total clinker and cement exports remained sluggish at 27.8 million tons in 2024. In 5M.2025, the market showed positive signs of recovery in both domestic and export segments. The rebound of the real estate sector, along with the Government’s determination to meet key infrastructure project deadlines, remains the primary driver of domestic demand. On the export side, despite ongoing weak demand from traditional markets, domestic manufacturers' diversification into emerging markets.

2. Vietnam had 2 new facilities by local private manufacturers, increasing clinker production capacity of 7.4mn tons and cement production capacity of 4.6mn tons in 2024. The average utilization rate of Vietnam cement industry improved from 58% in 2023 to 64% in 2024, thanks to improving domestic cement demand.

3. Local private players dominate the Vietnam cement market in 2024 with over 50% of the total market share. Local players accounted for approximately 55% of market share by domestic cement sales volume in 2024 with big names including Long Son, Vissai, Xuan Thanh, Cong Thanh & Thanh Thang. Meanwhile, leveraging a strong brand position, VICEM and selected foreign players such as SCC-VN, Nghi Son and SCG managed to achieve a high average utilization rate in 2024.

4. The profit margin of listed cement manufacturers improved in 2024, supported by several key factors: (i) higher utilization rates driven by recovering market demand, (ii) improved domestic consumption due to the rebound in the real estate sector, and (iii) successful diversification into non-traditional export markets. Looking ahead, FiinGroup forecasts continued profit margin improvement for Vietnam’s cement manufacturers, fueled by a recovery in demand from key export markets and stabilized coal prices.

5. In 2025, domestic cement demand and clinker exports are expected to recover gradually. The positive outlook for the domestic market aligns with the anticipated recovery of the local construction and real estate sectors. Clinker export volume is forecasted to grow at a double-digit rate in 2025, driven by rapid expansion into emerging markets. Cement export is forecasted to fall slightly in 2025, as affected by stagnant construction activities in the United States and the tariff imposed by the Philippines before steadily recovering from 2026 given the long-term infrastructure demand from the Philippines and the United States, and the recovery of the Chinese market.

More information as well as the table of contents, report preview, and contact person can be found on FiinResearch website as follows:

You can also check out other reports covering key sectors of Vietnam including Cold Chain, Consumer Finance, Banking, Healthcare, and Plastic etc. on our website: http://fiinresearch.vn

If you would like to obtain the full contents of this Report, kindly direct your request to our Client Advisor at research.support@fiingroup.vn

Many thanks and kind regards,

FiinGroup