Vietnam Builders Facing Hardships on Cement Price Surge
Construction contractors in the southern economic hub of Ho Chi Minh City are shelving and canceling projects, unable to cope with the cost of building materials rising 50 per cent so far, the Thanh Nien Daily reported.
The average retail price of cement in HCM City is now around VND80,000 (US$5) per bag, with popular brands of cement such as Ha Tien 1, Holcim, Chinfon and Cotec selling for VND90,000 (US$5.6), 20 per cent higher than last week.
But construction companies complain that even when they are willing to pay the higher prices, they cannot find enough cement.
Dealers have been accused of hoarding cement to profit from the skyrocketing prices.
In the first four months, demand for cement from distributors and retailers in the city was around 90,000 tons, an on-year increase of some 50,000 tons. (Thanh Nien Daily)
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