| Abstract | The long history of Vietnam Cement Industry Corporation (“VICEM”) dates back to 1899 with the commencement of the French owned Haiphong Cement Plant, located in the port city of Haiphong in Northern Vietnam. Until Vietnam’s unification in 1975, there were only 2 cement plants in Vietnam. In addition to the Haiphong Cement Company in the North, there was only one other cement company in Ha Tien Province (now known as Kien Giang Province) which was located in the South of Vietnam and owned by the Saigon government, a regime backed by America. After the American War, the need for cement increased yearly to cope with the requirements of the country’s industrialization and modernization. In order to meet the demand for cement, VICEM established many cement companies. Currently, it controls ten (10) cement companies with a total installed capacity of 26 million tons per annum which makes VICEM the largest cement manufacture in Vietnam. This achievement has given VICEM a solid reputation in the domestic cement market. However, in the current fiercely competitive environment, VICEM is facing various difficulties, especially the lack of a long term vision. The objective of this study is to design a long term business strategy for VICEM. Based on the examination and analysis of the external and internal environments, the strengths, weaknesses, opportunities and threats (SWOT) were evaluated for the corporation. From this evaluation, based on the general process of strategy formulation, the study developed the most appropriate development strategy for the corporation. Finally, recommendations for the proposed strategy are suggested |