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News Vicem records increased losses in 2024

Vicem records increased losses in 2024

Written by Global Cement staff 15 July 2024
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Vietnam: State-owned Vietnam Cement Industry Corporation (Vicem) reported a loss of US$34m in the first half of 2024, a figure that has increased by 200% year-on-year.

The losses are attributed to a stagnant real estate market, rising material and fuel costs, exchange rate fluctuations and intense competition within the industry. Vicem produced 7.63Mt of clinker and 9.77Mt of cement during the period, experiencing over a 7% year-on-year decline in both. Its revenue also fell by 19.4% year-on-year to nearly US$520m. This is the second consecutive year the firm has recorded a loss, following a US$43m deficit in 2023.

Last modified on 17 July 2024
Published in Global Cement News
Tagged under
  • Vietnam
  • VICEM
  • Results
  • GCW668
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