Thai cement group boosts investment in Vietnam

14:51 | 01/02/2016 Economy

Thailand's Siam Cement Group (SCG), which has invested US$700 million in Vietnam since 1992, plans to expand its operations in the country, especially in the cement and upstream petrochemical sectors, according to Thailand’s “The Nation” newspaper.

Thai cement group boosts investment in Vietnam

Thailand's Siam Cement Group (SCG)

SCG Vietnam Executive Director Dhep Vongvanich said that the group was determined to open a cement factory in Vietnam. The SCG will also continue the construction of the US$4.5 billion Long Son integrated petrochemical complex in the southern province of Ba Ria – Vung Tau, despite the recent withdrawal of Qatar Petroleum, one of the four key partners in the project, he said.

Dhep Vongvanic said the group is looking at investing in upstream petrochemicals in Vietnam since the country still has to import all of its upstream petrochemical products. About 80% to 90% of the output from the project will serve domestic demand, he added.

He said the Thai group currently employs nearly 7,000 people in Vietnam, including about 100 Thai staff members.

According to the SCG's presentation at a conference in Singapore earlier this month, as of September 2015, Indonesia was the company’s largest investment destination with assets worth 43.8 billion THB (US$1.23 billion), followed by Vietnam with 25.7 billion THB (US$726.8 million) and Cambodia with 10.77 billion THB (US$304.6 million).

However, in the first nine months of 2015, Vietnam reported the largest sales worth 22.24 billion THB (US$628.7 million)./.

Source: VNA