Vicem, in its business plan, targets revenue and other income of VND543.1 billion, as well as pre-tax and after-tax profits (excluding exchange rate differences) of VND247 billion. The after-tax profit margin on equity (excluding exchange rate differences) is estimated at 1.49 percent. The value of implemented construction volume is projected to exceed VND263.3 billion, with an investment capital need of VND259 billion.

The target for state budget contributions is nearly VND48.9 billion. To reach that end, MOC has proposed a series of solutions. Among them, Vicem is requested to strictly implement the 2021-2025 restructuring plan.

Additionally, Vicem must develop and execute a plan to handle and restructure financial investments in other enterprises, particularly those operating at a loss or with low efficiency.

Vicem needs to implement voting on profit and dividend distribution; comply with legal regulations; ensure effective capital use; maximize the benefits of the State and Vicem; and review and collect profits and dividends distributed in cash that have been approved by the Resolution.

Vicem’s representatives at Ha Long Cement JSC are directed to coordinate with the board of directors to develop a plan and timeline to cease operations, relocate, and convert the Ha Long Cement Company’s cement plant in Ha Long City, in line with Quang Ninh Province’s zoning plan and HaLong City’s capital plan zoning.

Tower project 

Alongside addressing difficulties and resolving issues in Vicem’s and its member companies’ construction projects, MOC has requested investment and completion of the Vicem Operations and Transaction Center tower in Hanoi, as per the Prime Minister’s approval and the MOC’s guidance.

This is one of four projects with signs of waste put under the direct control of the Central Steering Committee for Anti-Corruption, Waste Prevention, and Negligence.

In early March, the Anti-Corruption, Economic Crimes, and Smuggling Investigation Police Agency initiated prosecution against four former Vicem’s leaders and officials for “violating regulations on management and use of state assets, causing loss and waste.”

The former Vicem leaders involved include Le Van Chung, former Chairman of the Member’s Council; Nguyen Viet Anh, former General Director; Du Ngoc Long, former Project Management Director; and Hoang Ngoc Hieu, former Head of Appraisal Department.

The Vicem Operations and Transaction Center project is located at Lot 10E6 in Hanoi’s Cau Giay New City Area (Nam Tu Liem district), a prime location on Ring Road 3 and adjacent to the Keangnam building. Initiated in 2010, the project’s adjusted total investment exceeds VND2.743 trillion. The tower is planned with 31 above-ground floors and 4 basements.

Construction began in May 2011, and by August 2015, the rough construction was completed. However, the project had been left abandoned until March 2025, when the construction was resumed.

Hong Khanh