11:18 | 22/06/2019 Investment
Vicem Hoang Mai Cement Joint Stock Company plans to build a cement factory, with the first phase expected to cost more than 6.67 trillion VND (286 million USD), in the central province of Nghe An.
|The Nghe An People's Committee granted approval in principle for the investor to develop the factory - Photo: baonghean.com|
Covering 60ha in the province’s Hoang Mai 2 Industrial Zone, the factory has a designed production capacity of 3 million tonnes of cement per year.
Once completed, the factory will contribute to fostering the province’s socio-economic development, creating 500 local jobs while better meeting domestic and international demands for cement, the investor said.
During a meeting in May, Chairman of the provincial People's Committee Thai Thanh Quy granted approval in principle for the investor to develop the factory, which is part of the development strategy for the cement industry to 2030, approved by the Prime Minister.
The Ministry of Construction predicted that demand for cement and clinker would likely increase marginally to 98-99 million tonnes by the end of this year.
This would include domestic consumption of 70 million tonnes and exports of 28-29 million tonnes, it said.
Demand grew by 19 percent last year to 96.7 million tonnes, with exports accounting for 31.6 million tonnes, up 55 percent year on year.
The Vietnam Cement Association previously estimated that upgrades and new investments would increase the production capacity of the industry to 120-130 million tonnes by 2020.