The Vietnam cement market was valued at USD 236.40 Million in 2024, and it is projected to grow to USD 488.55 Million by 2033. The market is expected to expand at a CAGR of 7.98% during the forecast period of 2025 to 2033. Key growth drivers include increased urbanization, large infrastructure projects, adoption of sustainable production technologies, and Vietnam's role as a major cement exporter. Southern Vietnam currently dominates the market, holding the largest share.

Study Assumption Years

• Base Year: 2024

• Historical Years: 2019-2024

• Forecast Period: 2025-2033

Vietnam Cement Market Key Takeaways

• The Vietnam cement market size was valued at USD 236.40 Million in 2024.

• The market is expected to grow at a CAGR of 7.98% during 2025-2033.

• The market forecast value is USD 488.55 Million by 2033.

• Southern Vietnam held the largest market share of 42.2% in 2024, driven by rapid urbanization and industrial growth.

• Infrastructure projects including highways, ports, and metro lines significantly boost cement demand.

• Government investments in transportation, housing, and industrial zones stimulate market growth.

• Adoption of green-labelled and low-carbon cement variants, such as those by Fico Tay Ninh Cement, supports sustainability trends.

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Market Growth Factors

Vietnam's cement production growth has been driven mainly by urbanization and infrastructure development. Government invests in highways, metros, housing, and industrial parks which increases domestic cement consumption. For example, the government plans for the construction of 3000 kilometers of highways by 2025, at an expected cost of USD 8 Billion, to ease regional economic integration and development.

Cement producers also drive the market through technology and environmental regulations. Cement producers use energy-efficient technologies, use alternative fuels, use clinker substitutes, and use automation for reduction of carbon footprints. In September 2024, Fico Tay Ninh Cement Company began to produce green-labeled cement, which emits greenhouse gas from 350 to 600 kg CO₂ equivalent per ton of cement produced, 70% lower than normal Portland cement, as part of Vietnam's sustainable development and carbon emissions reduction programs.

With an abundance of limestone and low cost labor, Vietnam has become a major cement exporter and has a large surplus capacity. Exports of cement and clinker to China, the Philippines and Africa have increased in part due to trade agreements and shortfalls in local demand. The market is growing despite international economic fluctuations, owing to Vietnam's geographic location and scalable production capacity.

Market Segmentation

Analysis by Type:

• Portland: Dominates the market with 57.9% share in 2024, valued for its strength, durability, versatility, cost-effectiveness, and widespread availability supported by Vietnam's limestone reserves.

• Blended: Included as a significant type though no direct data provided for share.

• Others: Included as a category without specific data.

Analysis by End Use:

• Infrastructure: Leads with 48.5% share in 2024, driven by government-backed transportation, public works, roads, bridges, ports, and urban transit development requiring cement for large-scale durable structures.

• Residential: Present as an end use segment but without specific data.

• Commercial: Present as an end use segment but without specific data.

Regional Insights

Southern Vietnam accounted for the largest market share of 42.2% in 2024. This dominance stems from rapid urbanization, industrial growth, infrastructural expansions, and proximity to major export ports. Key southern cities, including Ho Chi Minh City, witness strong demand from residential, commercial, and industrial construction combined with logistics and transportation projects. Sustainable and eco-friendly cement adoption further supports market demand in the region.

Recent Developments & News

• In May 2025, Siam Cement Plc planned to reopen its USD 5.4 Billion Long Son petrochemicals plant in Vietnam after closure due to weak demand, anticipating a price rebound aided by a US-China tariff truce.

• March 2025 saw Fico Tay Ninh Cement launch a green-labelled cement with 70% lower CO₂ emissions compared to Portland cement, while SCG Concrete Roof Company introduced eco-friendly cement reducing carbon emissions by 20%.

• February 2025 marked the launch of Xuan Son Cement’s new 3.3 million tons capacity plant in Hoa Binh Province, featuring advanced technology for sustainable production.

• In September 2024, VICEM partnered with FLSmidth to promote sustainable cement production through emissions reduction, alternative fuels, and energy efficiency.

• In June 2024, SCG launched its SCG Low Carbon Super Cement in Vietnam, targeting the net-zero goal by 2050 with 20% lower carbon emissions.

Key Players

• VICEM (Vietnam Cement Industry Corporation)

• Holcim (INSEE)

• Fico-YTL

• SCG Group

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