The Vietnam Cement Corporation plans to invest VND10 trillion (US$620m) in building an urban town in the northern port city of Hai Phong.
The Hai Phong Cement Urban Township will be built on approximately 72ha where the Hai Phong Cement Plant once stood.
The new township will be home to a 45-storey twin tower structure comprising apartments, an office-hotel-tourism complex for lease, and other recreation facilities.
A museum for the cement industry in Vietnam will also be constructed on a 7.7ha site in the township.
The VNCC, which currently holds 46 per cent of the nation’s cement market, is currently restructuring itself and its seven subsidiaries.
To date, the equitization process has been completed among four subsidiaries including the Bim Son Cement Co., the But Son Cement Co., the Cement Materials Transport Co., and the Cement Plaster Enterprise.
The remaining three subsidiaries are set to go through the process in the fourth quarter of this year.
VNCC plans to restructure itself as the parent company, holding a 50 per cent stake in its seven subsidiaries and offloading the remaining portion to outsiders.
The corporation will focus on streamlining its management, distribution and production, increasing financial transparency, and other activities crucial to enhancing its competitiveness.