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Thai packaging firm eyes $353-mln expansion in Vietnam

By Dat Nguyen   September 20, 2021 | 10:15 pm PT
Thai packaging firm eyes $353-mln expansion in Vietnam
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 company SCG Packaging has announced plans to invest $353 million to expand in Vietnam.

It will build a new plant in the northern province of Vinh Phuc, which will increase its capacity by 74 percent to 870,000 tons of packaging paper a year when it goes on stream in 2024.

It will be operated by Vina Kraft Paper, a joint venture with Japan's Rengo Company in which SCGP holds 70 percent.

Vietnam is both a big consumer and exporter in the region, making it a big draw for multinational investors, CSGP’s chief executive, Wichan Jitpukdee, said.

The country’s demand for packaging paper and related products is expected to grow at 6-7 percent a year in 2021-24, SCG Packaging estimates.

 
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