The year 2025 marks a pivotal moment for Vietnam’s economy as the government aims for an ambitious growth target of over 8%, with public investment serving as the primary catalyst. The National Assembly has approved a record-breaking public investment capital of 791 trillion VND, equivalent to 6.4% of GDP. As of September, disbursement reached over 550 trillion VND, a nearly 30% increase year-on-year, with acceleration intensifying since the third quarter of 2025.
Amid tightening monetary policy due to rising exchange rate pressures, public investment has emerged as the key driver of economic growth moving forward.
Widespread Demand for Construction Stone
The surge in infrastructure investment has led to a sharp increase in demand for construction stone, resulting in supply shortages across many regions nationwide. This scarcity is particularly acute in the Southern region, where numerous strategic national infrastructure projects are underway, including Long Thanh Airport, Ho Chi Minh City’s Ring Road 3, and several key highways.
|
Public Investment Projects in the Southern Region
|
“With limited supply, stone prices are likely to continue rising. Companies with long-term mining licenses and minimal legal hurdles will be the primary beneficiaries,” analysts at FPTS Securities noted.
Companies Outperforming Targets
Capitalizing on the construction stone boom, numerous companies in the sector reported explosive growth in the third quarter of 2025.
Binh Duong Mineral and Construction JSC (HOSE: KSB) stood out with net revenue of 260 billion VND in Q3, a 191% surge year-on-year, and net profit also rose to 36 billion VND. The company’s gross margin improved by 7 percentage points since the beginning of the year, and management anticipates further price adjustments in Q4.
SSI Securities forecasts a positive outlook for KSB, predicting 2025 sales volume to reach 4.5 million m³, a 22% increase from the previous year. The company is expanding three quarries in Binh Duong, including the Tan Lap 3 quarry, operational since late 2024. Notably, the Phuoc Vinh quarry is awaiting license renewal, with expected capacity doubling.
Nui Nho Stone JSC (NNC) also achieved impressive results, with revenue of 100 billion VND (up 50%) and net profit soaring to 43 billion VND (up 163%) in Q3. Remarkably, NNC surpassed its full-year profit target by 111% in just nine months.
Q3 2025 Financial Results for the Construction Stone Industry
Unit: Billion VND
Source: VietstockFinance
|
Meanwhile, Bien Hoa Construction and Building Materials Production JSC (VLB) reported revenue of 328 billion VND and net profit of 63 billion VND, a 24% increase year-on-year. The company exceeded its annual target by 43% after just three quarters.
VLB operates large-scale quarries in Dong Nai, strategically located near Ho Chi Minh City and Long Thanh Airport, including Tan Cang 1, Thanh Phu 1, and Thien Tan 2. With a capacity of 4.8 million m³/year, VLB holds the largest permitted stone reserves in Dong Nai (77 million m³). Notably, several of VLB‘s quarries, such as Tan Cang 1, Soklu 5, and Soklu 2, are listed by the Dong Nai Provincial People’s Committee to supply materials for key infrastructure projects.
Hoa An JSC (DHA) is another standout performer, with revenue and profit rising 68% and 111%, respectively, pushing the company to 98% of its 2025 profit target in just nine months.
DHA owns three quarries in Dong Nai with remaining reserves of approximately 17 million m³. Notably, the Tan Cang 3 and Thanh Phu 2 quarries, located 25-30 km from Long Thanh Airport, are primary suppliers for the project. The Tan Cang 3 quarry produces high-quality andesite stone, ideal for high-strength concrete. On June 6, 2025, DHA received approval from the Dong Nai Provincial People’s Committee to convert nearly 10,857 m³ of land in Tam Phuoc Ward for mining purposes. Recently, DHA invested in Anh Duong Mining and Construction JSC to take over and develop the Tay Ka Rom 1 quarry in Ninh Thuan.
Cuong Thuan IDICO Investment and Construction JSC (CTI) also followed the trend, with revenue of 363 billion VND (up 33%) and net profit of 39 billion VND (up 16%), exceeding its annual profit target by 8%.
The optimistic business results have spurred investor action. Since late April 2025, mining company stocks have surged: MVC rose nearly 100%, NNC climbed 68%, DHA increased 57%, and other industry stocks maintained gains above 20%.
|
Performance of Construction Stone Stocks
|
The outlook for the construction stone industry remains bright as the government submits a 2026 public investment plan of 1.08 quadrillion VND to the National Assembly—an unprecedented figure. This massive allocation is expected to drive 10% economic growth next year.
If approved, companies with large reserves and long-term mining licenses, such as KSB, VLB, DHA, and CTI, will continue to benefit significantly, especially amid the current severe shortage of construction stone supply.
– 08:00 12/11/2025
Banking and Securities Stocks Weigh on Portfolio as Pyn Elite Fund Aggressively Accumulates FPT Shares
Pyn Elite Fund stands as one of the largest foreign funds in the market, boasting a managed portfolio valued at an impressive €940 million (approximately VND 28.6 trillion or USD 1.1 billion) as of the end of October.
Optimizing the 2021–2025 Mid-Term Public Investment Plan: Strategic Adjustments for Maximum Impact
Deputy Prime Minister Hồ Đức Phớc has signed Decision No. 2463/QĐ-TTg dated November 10, 2023, adjusting the medium-term public investment plan for the 2021–2025 period. This decision reallocates central budget capital among ministries, central agencies, and localities, while also updating the project portfolios of these entities.
Peak Secondary Apartment Transactions in Hanoi: Highest in Two Years
In Q3/2025, Hanoi’s secondary apartment market recorded 10,700 transactions, marking a 14% year-on-year increase and reaching its highest level in two years.
Deputy Prime Minister Pham Thi Thanh Tra Outlines 7 Key Task Groups for Lao Cai
During a working session with the leadership of Lao Cai province, Deputy Prime Minister Pham Thi Thanh Tra provided an in-depth analysis of the province’s development potential and untapped opportunities. She outlined seven key task groups to propel Lao Cai’s growth in the upcoming period, focusing on green, sustainable, and inclusive development.
Climate Change Threatens to Erase a Decade of Vietnam’s Economic Growth
The World Bank (WB) warns that without adequate adaptation measures, climate change could slash Vietnam’s GDP by at least 12.5% by 2050 compared to baseline projections. This would effectively erase nearly a decade of growth, significantly hindering the nation’s goal of achieving high-income status by 2045.
