What Vicem But Son Cement does

Vicem But Son Cement Joint Stock Company is a northern Vietnamese cement manufacturer, listed on the Hanoi Stock Exchange (HNX: BTS) and majority-owned (more than 79%) by state-owned Vietnam Cement Industry Corporation (VICEM). Founded in 1995 with Line 1, converted to a joint-stock company in 2006, and IPO'd on HNX in December 2006, the company operates two production lines at its Ha Nam province plant with combined annual capacity of roughly 4 million tonnes of cement and clinker, and is reported as the first unit within the VICEM group to exceed its design capacity. Headquartered in Ninh Binh with approximately 1,300 employees, it serves construction, infrastructure, and industrial buyers across northern Vietnam and operates five regional sales centers (Ha Noi, Hai Phong, Quang Ninh, Nam Dinh, Vinh Phuc) augmented by an online ordering platform.

The product portfolio spans Portland and blended cements (PCB30, PCB40, PC40, C91, MC25) plus the lower-carbon 'Bút Sơn Xanh' sub-brand launched in March 2024. The underlying technical platform combines conventional clinker production with two notable adjacent systems: a MONRE-licensed hazardous waste co-processing operation (capacity of 1,400+ tonnes/month, licensed in 2022) that substitutes alternative fuels for coal, and a 12.3 MW waste heat recovery (WHR) power system commissioned in January 2024 at a cost of approximately 454 billion VND. Both systems directly reduce fuel and electricity costs while creating a regulated waste-disposal revenue stream. A 2019 Hanoi Declaration partnership with F.L.Smidth provides a pathway to next-generation clinker and cement technology.

Revenue is generated by selling cement and clinker through the regional dealer/distributor network and through project-based supply to infrastructure developers, with additional revenue from industrial waste co-processing fees and WHR-generated electricity consumed in-house. Disclosed 2025 revenue is 2,734 billion VND (approximately US$117M at ~23,400 VND/USD), with a 2026 plan of 3,056 billion VND (about 11.8% growth) and a 1,412 billion VND capital plan for 2026 focused on green transformation, environmental upgrades and modernization. After-tax profit for 2025 was approximately 31.6 billion VND, reflecting tight margins typical of the Vietnamese cement sector.

Name

Vicem But Son Cement

Legal name

Công ty cổ phần xi măng Vicem Bút Sơn

Website

https://vicembutson.com.vn

Company type

Public

Founded year

1997

Operating status

Operating

Short description

Vicem But Son Cement is a Vietnamese state-controlled (VICEM-majority) cement manufacturer operating two production lines (~4 million tonnes/year capacity) in Ha Nam province, serving northern Vietnam's construction and infrastructure markets through five regional sales centers and an online ordering channel.

Ownership category

akta.pro rank

Product category

Cement Manufacturing

NAICS

Cement Manufacturing (32731), Cement Manufacturing (327310), Cement and Concrete Product Manufacturing (3273)

SIC

Cement, Hydraulic (3241), Concrete, Gypsum & Plaster Products (3270)

akta.pro primary industry

Cement Manufacturing (Portland, Blended & Specialty) (IMADAAAG)

Keywords

• Cement manufacturing
• Clinker production
• Portland cement
• Construction materials
• Industrial waste co-processing

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Cement and clinker sales: Primary revenue from manufacturing and selling Portland cement (PCB30, PCB40, PC40) and clinker. Products sold through 5 regional distribution centers and authorized dealer network. Stock ticker BTS listed on Hanoi Stock Exchange.
2. Waste co-processing services: Revenue from processing industrial waste, hazardous waste, and sludge as alternative fuel and raw material substitution, licensed by Ministry of Natural Resources and Environment since 2022.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Vicem But Son Cement manufactures and sells bagged Portland cement products (PCB30, PCB40, PC40, C91, MC25) and clinker from two production lines with combined capacity of approximately 4 million tonnes per year at its Ha Nam plant. The company also provides licensed industrial and hazardous waste co-processing services, operating as the first VICEM subsidiary licensed by the Ministry of Natural Resources and Environment to dispose of more than 1,400 tonnes per month of hazardous waste as alternative fuel and raw material in cement production.

Product overview

Vicem But Son Cement produces and distributes a portfolio of bagged cement products under the VICEM Bút Sơn brand, including standard Portland Composite Cements (PCB30, PCB40), Portland Cement (PC40), and masonry cements (C91, MC25). The product line was expanded in 2024 with the 'Bút Sơn Xanh' (Green) sub-brand featuring multipurpose PCB30 and PCB40 variants with enhanced environmental properties. All products are manufactured at the company's facility in Thanh Sơn commune, Kim Bảng district, Hà Nam province, and distributed through a network of 5 regional sales centers covering northern and north-central Vietnam.

Differentiator

Problem solved

Functional benefit

Brands

• Bút Sơn Xanh (Green): Xi măng Bút Sơn Xanh đa dụng PCB30/PCB40 - multi-purpose green cement products launched in 2024

Products and services

• Xi măng bao PCB30 (Bagged Portland Composite Cement PCB30) Bagged Portland Composite Cement PCB30 meeting Vietnam standard TCVN 6260:2009, suitable for general construction applications. Sold through authorized dealer network across northern Vietnam.
• Xi măng bao PCB40 (Bagged Portland Composite Cement PCB40) High-strength bagged Portland Composite Cement PCB40 meeting Vietnam standard TCVN 6260:2009, designed for high-demand construction projects.
• Xi măng bao PC40 (Bagged Portland Cement PC40) Bagged Portland Cement PC40 meeting Vietnam standard TCVN 2682:2009, suitable for construction requiring high early strength.
• Xi măng bao C91 (Bagged Masonry Cement C91) Bagged masonry cement C91 meeting Vietnam standard, designed for plastering and masonry work.
• Xi măng bao MC25 (Bagged Masonry Cement MC25) Bagged masonry cement MC25 meeting Vietnam standard, designed for plastering and masonry applications.
• Xi măng Bút Sơn Xanh đa dụng PCB30 (Green Multipurpose Cement PCB30) Green multipurpose bagged cement PCB30 launched in March 2024, featuring enhanced properties for versatile construction applications with environmental benefits.
• Xi măng Bút Sơn Xanh đa dụng PCB40 (Green Multipurpose Cement PCB40) Green multipurpose bagged cement PCB40 offering high strength and versatility for various construction needs with environmental benefits.
• Industrial and Hazardous Waste Co-Processing Service Licensed service processing more than 1,400 tonnes of industrial and hazardous waste per month as alternative fuel and raw material in cement production, including hazardous sludge, contaminated soil, waste oil, paint and varnish waste.

Quantifiable outcome

• Clinker production capacity increased from 3,950 to 4,502 tonnes/day per line, exceeding design capacity
• +8 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core.

• SINOMA - AMECC Joint VenturecoreImplementation/ SI/ Consulting Partner · 30 June 2022SINOMA (China) and AMECC (Vietnam) joint venture awarded Package 1 contract for the waste heat recovery power generation project. AMECC has 5 member companies in Vietnam and Myanmar with 300,000 m² of manufacturing facilities producing 30,000 tonnes/year of equipment. SINOMA provides technological expertise while AMECC handles manufacturing, installation and construction. Project worth 454 billion VND, representing 76% of total project value.
• Bộ Tài nguyên và Môi trường (Ministry of Natural Resources and Environment)coreOthers · 1 January 2022Ministry granted operating license for co-processing hazardous waste as alternative fuel and raw material in cement production. License covers hazardous sludge, contaminated soil, oil-contaminated materials, waste oil, emulsion waste, paint and varnish waste. Enables VICEM Bút Sơn to process over 1,400 tonnes of hazardous waste per month.
• F.L.Smidth (Denmark)coreStrategic or Co-development Partner · 1 January 2019On February 9, 2019, VICEM and F.L.Smidth signed the Hanoi Declaration to cooperate on research and development of next-generation cement technology under the 'Natural Cycle-Zero Emission' framework. The partnership aims to develop innovative cement production technology targeting zero net emissions.
• Tổng Công ty Xi măng Việt Nam - VICEM (Parent company)coreStrategic or Co-development Partner · 1 January 2019VICEM holds over 79% controlling stake in VICEM Bút Sơn. VICEM provides strategic direction, coordinates technology transfers across member companies, and oversees emissions reduction programs. VICEM Bút Sơn serves as the pilot unit for green transformation initiatives within the VICEM group, being the first member to implement deep production line renovation and waste heat recovery systems.

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Others

• FLSmidth: Cement industry equipment and technology partner; signed the 2019 Hanoi Declaration with VICEM to co-develop next-generation 'Natural Cycle-Zero Emission' cement tech. Adjacent as a technology enabler rather than direct competitor.

Broad incumbents

• Siam Cement Group (SCG): Thailand-based regional cement and building materials major with ASEAN-wide operations. Comparable in scale and product portfolio (cement, clinker, value-added products); serves as a regional incumbent benchmark for technology and emissions standards.
• Holcim Vietnam: Subsidiary of the global Holcim/Lafarge group operating multiple cement plants in Vietnam. Offers overlapping Portland and blended cement products with broader geographic reach and international technology standards; competes with But Son primarily in higher-spec segments.
• Heidelberg Materials: Global cement and aggregates major with sustainability leadership in alternative fuels and CCUS. Provides a long-term technology and emissions roadmap benchmark relevant to But Son's decarbonization path under the F.L.Smidth/VICEM Hanoi Declaration.

Regional players

• PT Indocement Tunggal Prakarsa: Major Indonesian cement manufacturer with comparable production scale and clinker/cement mix. Provides regional benchmarking on energy efficiency, alternative fuels, and waste co-processing adoption in Southeast Asia.
• PT Semen Indonesia (SIG): Indonesia's largest state-affiliated cement producer with multi-million tonne capacity. Operates similar Portland cement lines, alternative fuel programs, and waste co-processing; serves as a useful ASEAN comparable for cement decarbonization strategy.

Direct peers

• Nghi Sơn Cement Corporation: Major Vietnamese cement producer with multi-million tonne capacity and a joint venture between VICEM and other domestic/foreign partners. Competes directly with But Son in clinker and bagged cement, especially on infrastructure-grade product.
• VICEM Hoàng Thạch: Sister VICEM subsidiary operating cement clinker and cement plants in Hai Duong. Operates similar pyroprocessing technology and serves overlapping northern Vietnamese distribution channels, making it the closest regional direct competitor.
• VICEM Hà Tiên: Direct peer and fellow VICEM subsidiary producing Portland cement and clinker in southern Vietnam. Comparable scale, similar product mix (PCB30, PCB40), and shared parent governance make it the closest direct competitor within the same group.

Emerging players

• Tập đoàn Xuân Thành: Vietnamese private cement and real estate group with growing clinker capacity and integrated construction materials operations. Competes with But Son in northern and central Vietnamese bagged cement markets as a fast-rising private-sector player.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vicem But Son Cement