In Decision 179 issued by the Ministry of Finance, the Ministry of Finance’s Inspectorate will conduct an inspection at the Vietnam Cement Corporation (Vicem) and its three subsidiaries: Vicem Tam Diep One-Member Limited Liability Company, Vicem Hai Phong One-Member Limited Liability Company, and Vicem Ha Tien One-Member Limited Liability Company.
The inspection will focus on the following issues: fulfillment of obligations to the state budget; management and use of capital and assets in the enterprise; accounting for revenue, costs, and business results; and inspection of compliance with financial laws and regulations. The inspection period is 2023, along with other related matters.
The inspection team consists of 12 members, led by Mr. Pham Anh Tuan, Head of the Inspection Department. The inspection duration is 45 days from the announcement of the inspection decision at the unit.
Vietnam Cement Corporation.
The Vietnam Cement Corporation is facing significant challenges in cement production and business due to a sharp decline in market demand, both domestically and in exports.
Mr. Nguyen Thanh Tung, Deputy General Director, shared with the press that the cement industry is still affected by weak demand as the real estate market shows no signs of recovery. Infrastructure projects are progressing slowly, and cement supply far exceeds demand. The application of high-speed concrete bridges is limited, and solutions to use cement for soil stabilization have not been implemented.
Clinker production for the first six months of 2024 reached 7.63 million tons, equivalent to 45.1% of the plan for 2024, and a 7.8% decrease compared to the same period in 2023. Cement production reached 9.77 million tons, or 45.4% of the plan, and a 7.2% decrease compared to the previous year.
Total sales for the first six months reached 11.45 million tons, accounting for 47.6% of the 2024 plan, and remained unchanged from the same period last year. Cement sales reached 9.86 million tons, a 6.2% decrease compared to the same period.
Total revenue for the first six months stood at VND 13,198 billion, equivalent to 46.1% of the 2024 plan, and a 19.4% decrease compared to the same period in 2023. Tax payments reached VND 547 billion, a 20.9% decrease year-on-year.
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