Thai conglomerate reports surge in Vietnam revenues

By Vien Thong May 12, 2021 | 06:59 pm PT

The logo of the Siam Cement Public Company Limited is pictured at its office building in central Bangkok, Thailand. Photo by Reuters/Chaiwat Subprasom.

Thai-owned Siam Cement Group reported a 34 percent year-on-year jump in first quarter revenues to VND8.2 trillion ($354 million), mostly driven by its packaging and chemicals businesses.

SCG has over 20 subsidiaries in Vietnam, including in the cement and building materials sectors.

In the first quarter of last year, revenues fell by 4 percent to VND6 trillion as the first Covid-19 wave hit Vietnam.

In February, it signed an agreement to buy a 70 percent stake in Duy Tan Plastics to produce PET preforms, bottles and lids to sell to multinationals and local fast-moving consumer goods manufacturers.

Construction of its $5.4-billion Long Son Petrochemical Complex in the southern province of Ba Ria-Vung Tau is now 76 percent complete, and it is scheduled to go on stream in the first half of 2023.

The company, which entered Vietnam nearly three decades ago, has said it plans to make the country its top priority market in upcoming years.