VICEM BUT SON CEMENT JOINT STOCK COMPANY

VICEM BUT SON CEMENT JOINT STOCK COMPANY
Vietnamese Name: CÔNG TY CỔ PHẦN XI MĂNG VICEM BÚT SƠN
Tax Code: 0700117613
Address: Thanh Son Commune, Kim Bang Town, Ha Nam Province, Vietnam

VICEM BUT SON CEMENT JOINT STOCK COMPANY is a prominent cement manufacturer in Vietnam with more than 19 years of operation in the industry. Established on May 1, 2006, and headquartered in Ha Nam Province, the company has built a reputation for producing high-quality cement products under the umbrella of Vietnam’s state-owned giant, the Vietnam National Cement Corporation (VICEM). Listed on the Hanoi Stock Exchange with the ticker symbol BTS, the company operates as a joint stock entity with a charter capital of approximately USD 50.76 million.

The company, which currently employs over 1,260 workers, is led by Chairman Pham D. C., Director Do T. T., and Deputy General Director Nguyen T. H.. VICEM BUT SON maintains a wide scope of operations beyond cement production, engaging in lime and plaster manufacturing, construction material trading, engineering consultancy, metal surface treatment, and various forms of freight transport across land and water.

Despite its strong infrastructure and solid backing from major shareholders—including VICEM (79.5%), ACB Securities (5.9%), and Asia Commercial Bank (5.1%)—the company faced a challenging year in 2023. Total sales declined sharply to USD 105.72 million, a decrease of 17.66% compared to the previous year. Most notably, it recorded a net loss of USD 3.95 million, reversing prior years' profits and signaling severe financial strain. Equity fell by 10.81%, and working capital deteriorated to USD -46.33 million, underscoring liquidity issues and tighter margins amidst a slowing construction market.

Total assets, however, increased to USD 143.73 million, reflecting ongoing investment or asset accumulation, but this was not enough to offset the broader decline in revenue and profitability. These figures suggest that while the company remains operationally active and strategically significant within Vietnam’s cement sector, it is undergoing a period of financial stress that merits careful monitoring.

With a diverse operational portfolio, deep roots in Vietnam’s construction supply chain, and VICEM's institutional backing, VICEM BUT SON retains long-term industrial value. Nevertheless, investors, business partners, and financial institutions should highly recommend acquiring the latest economic reports or conducting in-depth risk assessments through Vanguard Business Information LLC (VNBIS) before making any engagement decisions.