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VICOSTONE leads in revenue and profit after tax in the Vietnamese Ceramic Tile industry

In the ceramic tile production market, Vietnam ranks fifth in the list of leading producing countries in the world with an estimated scale of USD 5.16 billion by 2023 and expected to reach USD 9.78 billion by 2028, growing at a CAGR of 31.15% during the forecast period (2023-2028).

Since its early days of formation in the 70s of the last century, this market has developed strongly and reached a large scale, with four main product lines: fired clay tiles (Cotto), glazed tiles (Ceramic), Porcelain tiles, and Granite tiles.

Currently, the Vietnamese ceramic tile market is undergoing a restructuring process with the direction of using large-format tiles, requiring diversity in designs and advanced production technology. Therefore, companies are investing more heavily in technology, large-size production lines, and digital printing decoration to compete effectively.

In Vietnam, there are more than 90 small and medium-sized companies participating in production, with thousands of small units also participating in the chain. Most companies today produce Ceramic tiles, which is also the segment with the highest level of competition in the market.


On December 19, 2002, Vinaconex High-Quality Stone Factory (the predecessor of VICOSTONE Joint Stock Company) was established. On August 13, 2014, the company restructured and became a subsidiary of Phenikaa Group.

With the main product being quartz stone, Vicostone is considered one of the three leading high-end quartz stone manufacturers in the world in 2020, with products exported and consumed in over 50 countries across 5 continents, including America, Canada, Europe,...

Vicostone had a revenue of nearly VND 5.7 trillion in 2020. Revenue increased by 24.9% in 2021, then returned to the revenue milestone of VND 5.7 trillion in 2023. Regarding profit after tax, the brand recorded continuous change from more than VND 1.4 trillion in 2020, increasing to nearly VND 1.8 trillion in 2021. By 2022, profit after tax decreased sharply to just over VND 1.1 trillion, but Vicostone was still the leading business brand in the field.


MIKADO was established in June 2002 in Hanoi. After more than 20 years of formation and development, MIKADO has become a leading industrial corporation in the field of manufacturing and trading construction materials with many products with beautiful, sophisticated, and environmentally friendly designs such as MIKADO, VIDECOR, CERINCO tiles, glazed corrugated tiles, Cotto tiles, floor panels, artificial quartz stone, sanitary ceramics,...

MIKADO's revenue grew rapidly in the period 2020-2022 and especially, grew significantly in 2022 to reach more than VND 2.5 trillion. However, in contrast to revenue, the brand's profit after tax tends to drop, reaching a negative VND 2 billion in 2022.


CMC is a long-standing brick manufacturing brand in Vietnam with two main product lines: ceramic tiles and glazed tiles. Established in 1958, CMC was the first to lay the foundation for Vietnam's ceramic tile industry from the ground of Hung Vuong's ancestors. After more than 60 years of development and innovation, CMC continuously invests in design processes, quality control, and production technology innovation.

CMC's net revenue tends to grow over the years. Specifically, in 2021, it increased by 10.4%, and in 2022, it rose by more than 30% to reach more than VND 2.5 trillion. Profit after tax fluctuates slightly. In 2020, profit after tax was recorded at VND 120 billion, then decreased by about 20%, maintaining a profit of about VND 94.5 billion in the next two years (2021 and 2022).

Revenue of some companies producing and distributing ceramic tiles in Vietnam

(Source: Vietdata)

Viglacerea Tien Son & Viglacerea Thang Long

Established in 1978, formerly known as Porcelain Tiles and Tiles Company, including 18 factories producing fired clay materials. After many times of buying, selling, and merging factories, on June 8, 2012, three manufacturing companies under Viglacera Corporation: Viglacera Thang Long, Tien Son, and Hanoi Joint Stock Company were merged into one business block with the task of purchasing all ceramic tile products produced by Viglacera.

In terms of revenue and profit after tax, Viglacerea Tien Son has a stronger business situation. Viglacerea Tien Son's net revenue reached nearly VND 1.3 trillion in 2021 and 2022, then climbed sharply to VND 2 trillion in 2022. Meanwhile, Viglacerea Thang Long's revenue fluctuated slightly between VND 600 billion.

The after-tax profits of the two subsidiaries also have a big difference. While Viglacerea Thang Long's 3-year profit remains at nearly VND 10 billion, Viglacerea Tien Son's profit has continuously changed from VND 60 billion in 2020 to VND 5 billion in 2021 and climbed again to more than VND 50 billion in 2022.


Established in 2002 in Vinh Phuc, today Hoan My has been recognized as the leading high-end ceramic tile factory in Vietnam and the region. Hoan My currently has 6 production lines located in 2 factories imported from Italy and Spain with a capacity of 16 million m2 of products/year. The main product line is all types of tiles from floor tiles, and wall tiles to textured tiles: stone grain, wood grain, sand grain, cement grain, and decorative tiles.

Hoan My's revenue reached nearly VND 1.3 trillion in 2022, a rise of 8.5% compared to 2021 and nearly equal to 2020's revenue. The brand's profits recorded slight fluctuations. Specifically, the company recorded a nearly VND 170 billion profit in 2020. In the next two years, profits increased to more than VND 210 billion in 2021 then decreased back to VND 130 billion in 2022.

PRIME Vinh Phuc

As a company with the longest history of formation and development in the Prime Group, in 1999, Prime's first tile factory was located in Vinh Phuc province. 

In 2006, after many business achievements, Prime Group Joint Stock Company was born, and followed by dozens of other member units entered the market, covering the entire market. Main business investment fields are construction materials, production of tiles, roofing tiles, water heaters, cotto tiles and real estate, investment in construction, and exploitation of industrial parks and urban areas.

After nearly 25 years of development, Prime Vinh Phuc has always been the leading company in all fields of the group. Currently, the number of employees of Prime Vinh Phuc Joint Stock Company has reached thousands of people, specializing in the production of ceramic tiles and Frit materials with a designed capacity of ceramic tile production of up to 15 million m2/year.

During three years, Prime Vinh Phuc's revenue tends to fluctuate slightly. Specifically, in 2022, the brand's revenue only reached nearly VND 1.3 trillion, equal to 2020's revenue and up 10% compared to 2021. However, the brand's after-tax profit tends to decline slightly from nearly VND 150 billion in 2020, increasing to more than VND 50 billion in 2022.


Taicera is a famous Vietnamese tile brand with 100% foreign investment (Taiwan). With the purpose of producing ceramic tiles to supply the Vietnamese market, the brand is constantly expanding its factory scale to include 1 ceramic tile factory, 2 quartz tile factories, and 1 polishing specialist factory to supply a variety of quality tile models to the market.

In the first two years, Taicera's revenue reached more than VND 900 billion. This number increased slightly to nearly VND 1.1 trillion in 2022. The brand's after-tax profit tends to change continuously, from reaching negative VND 30 billion in 2020 to VND 10 billion in 2021 but then decreasing again to VND 1 billion in 2022.

Profit after tax of some companies producing and distributing ceramic tiles in Vietnam

(Source: Vietdata)


TRUNG DO Joint Stock Company, formerly known as Vinh Architecture Company, was established in 1958. After equitization, TRUNG DO quickly transformed its production and business structure in the right direction, effectively, constantly developing and becoming one of the leading enterprises in Vietnam producing construction materials: tiles, glazed ceramic tiles, terracotta tiles, and commercial concrete.

In 2020, Trung Do's revenue reached more than VND 580 billion. This number increased by more than VND 200 billion in 2021, then decreased again to nearly VND 670 billion in 2022. The brand's profit after tax tends to grow, from nearly VND 73 billion in 2020 to VND 94 billion for the next 2 years.


Starting from a cement tile factory in 1969, Dong Tam Group today has become a dynamic and modern corporation, operating in many fields: Manufacturing and trading of construction materials and interior and exterior decoration. 

Dong Tam's revenue and profit after tax have the same growth trend. In 2020, revenue reached VND 460 billion. This number fell by about 86% the next year, then increased again to a revenue of nearly VND 630 billion in 2022. Regarding profit after tax, Dong Tam reached VND 63 billion in 2020. After that, profits went down to a negative level in 2021 and grew to a positive level of more than VND 40 billion in 2022.

THANH THANH Ceramic Tiles

Thanh Thanh Ceramic Tile Company, formerly Thanh Thanh, is a company owned by a group of Chinese people, built from 1969 to 1973 and put into operation. The company was then nationalized and became a joint stock company in 2003.

With relatively modern equipment and production technology, the Thanh Thanh brand not only has a long-term attachment to domestic consumers but also exports to countries such as Thailand, Pakistan, Cambodia,...

Net revenue of Thanh Thanh Ceramic Tiles decreased slightly in 2021, then rose nearly 32% and reached about VND 300 billion. Regarding profit after tax, profit tends to gradually fall from VND 15 billion in 2020 to VND 11.5 billion in 2022.


In 1992, Taiwan's Bach Ma Company combined two companies from Malaysia and Singapore to establish a large corporation to introduce the Bach Ma ceramic tile brand to countries in the region. Entering Vietnam in 1996, currently, the brand has up to 28 branches operating nationwide in the field of quality tile production.

The business of the Bach Ma tile brand has been declining for three years. The brand's revenue tends to gradually drop from more than VND 300 billion in 2020. By 2022, the brand's revenue is only nearly VND 30 billion. With that trend, the brand's after-tax profit is also not positive, recording a negative level of VND 10 billion in 2022.

Although the Vietnamese ceramic tile market will grow slowly and still face many difficulties in early 2023, it is not without development opportunities. The construction industry is expected to recover and develop in the coming years. The change in consumer psychology, favoring Vietnamese products over imported goods, especially tiles from reputable brands such as CViglacera, Prime, and Dong Tam, has promoted consumer choice. Domestic products not only have quality but are also 30-50% more reasonable in price than imported products.

Manufacturing enterprises in Vietnam have invested heavily in technology and machinery to produce high-quality, color-durable bricks, and use environmentally friendly materials. Consumers are also favoring large-format tiles and prioritizing the use of tiles instead of wood or natural stone to protect the environment.

In short, the ceramic tile market in Vietnam still has many opportunities to develop in 2023. Businesses need to focus on quality and product upgrades, and consumers should also support domestic brands to promote market growth.

Source: Vietdata's 2022 Vietnamese Ceramic Tile Market Report.


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