Vietnam's Cement Industry Faces Challenges with Over 80% Companies Reporting Losses in Q3 2023
The cement industry in Vietnam experienced a downturn in the third quarter of 2023, with over 80% of listed cement companies reporting losses due to declining market demand.
The third quarter of 2023 proved challenging for the cement industry in Vietnam. According to a report, the industry faced a significant decline in performance due to the slump in the domestic real estate market and the overall decrease in cement demand. Out of the 12 cement companies listed on the Ho Chi Minh Stock Exchange (HSX), Hanoi Stock Exchange (HNX), and UPCoM over-the-counter market, 10 reported losses.
The decline in the cement industry's performance is attributed to several factors, including the downturn in the real estate market, which has been a major consumer of cement. The decrease in demand for cement has led to a surplus in supply, putting pressure on prices and profitability.
This situation reflects the broader challenges faced by the construction and building materials sectors in Vietnam, as they navigate through market fluctuations and economic uncertainties. The report highlights the need for strategic adjustments in the industry to cope with the changing market dynamics.
Source:
Viet-Kabu
