$5.4 bln Long Son Petrochemicals Complex eyes full capacity operations this month
The $5.4 billion Long Son Petrochemicals Complex (LSP) in the southern province of Ba Ria-Vung Tau targets full capacity operations later this month, CEO Kulachet Dharachandra said Monday.
He affirmed the schedule while receiving Pham Viet Thanh, chief of Ba Ria-Vung Tau province Party Committee, at the complex premises ahead of the Tet (Lunar New Year) holiday.
LSP, invested in by Thailand’s SCG Chemicals, seeks to play a key role in elevating Vietnam’s petrochemicals and plastics sectors, he said.
Earlier this month, the olefins factory (A1 package) of the facility was given the nod by Deputy Minister of Construction Bui Xuan Dung after successful completion of inspections ahead of official operation.
Construction of the factory began in November 2019 and was completed in December 2023. The 27.8-hectare factory has an annual capacity of 950,000 tons of ethylene, 400,000 tons of propylene and 107,000 tons of 1,3 butadiene.
Other key components of the 464-hectare LSP complex are a polyolefin factory, central utility factory and a port-tank unit.
Thailand's The Siam Cement Group (SCG) began construction of the complex in the fourth quarter of 2018. In November 2022, the project began partial operations. At full capacity, its annual output will include 1.4 million tons of polyethylene (PE) and polypropylene (PP).
In December 2023, the complex started a full trial run, aiming at commercial operations in March 2024.
- Read More
Major Vietnam rice stocks in distress despite rosy export outlook
Stocks of several major Vietnamese rice exporters, once prominent on exchanges, have dropped significantly as they grapple with financial distress.
Companies - Mon, October 21, 2024 | 8:33 am GMT+7
Vingroup subsidiary's 9-month profit surpasses year's target
Vietnam Exhibition Fair Centre JSC, a subsidiary of conglomerate Vingroup, posted an after-tax profit of VND264 billion ($10.49 million) in the first nine months of 2024, exceeding the year's target of VND250 billion, despite a year-on-year decrease of 23%.
Companies - Mon, October 21, 2024 | 8:10 am GMT+7
LPBank’s Q3 net profit more than doubles on service growth
Hanoi-based Loc Phat Vietnam Joint Stock Commercial Bank, or LPBank, reported a net profit of VND2.33 trillion ($93 million) in the third quarter of this year, 2.3 times that of the same period in 2023.
Banking - Sun, October 20, 2024 | 7:06 pm GMT+7
Foreign-invested companies in northern Vietnam province see Jan-Sep revenue surge 12% to $7 bln
Foreign-invested enterprises (FIEs) in Hai Duong province posted estimated revenues of $7 billion in the first nine months of 2024, up 12% year-on-year.
Companies - Sun, October 20, 2024 | 3:00 pm GMT+7
Vietnam urged to reform economic structure, promote digitalization for higher competitiveness
Vietnam needs to reform its economic structure, promote digitalization, and improve the quality of human resources so as to enhance competitiveness and raise average income levels, said Prof. Peter Morgan, a senior consultant at the Tokyo-based Asian Development Bank Institute (ADBI).
Economy - Sun, October 20, 2024 | 1:00 pm GMT+7
Italian cruise ship returns to Ha Long with over 3,000 Hong Kong tourists
Costa Serena, the five-star Italian-flagged cruise ship, has arrived in Vietnam’s northern province of Quang Ninh, bringing 3,040 Hong Kong tourists to the home of the UNESCO-listed Ha Long Bay.
Travel - Sun, October 20, 2024 | 11:00 am GMT+7
Foreign investors net sell $84.4 mln worth of Vietnamese shares this week
Foreign investors continuously net sold Vietnamese stocks during the week of October 14-18, with a total value of VND2.125 trillion ($84.44 million).
Finance - Sun, October 20, 2024 | 9:15 am GMT+7
No power shortages in 2025 under any circumstances: Vietnam Prime Minister
Relevant agencies must prepare scenarios for power sources, electricity load and power distribution in order to ensure there are no power shortages in 2025 under any circumstances, says Prime Minister Pham Minh Chinh.
Economy - Sun, October 20, 2024 | 7:45 am GMT+7
Vietnam central bank withdraws cash as dong falls to 3-month low
Vietnam’s central bank has resumed issuance of Treasury bills in an attempt to regulate liquidity as the Vietnamese dong has weakened to a two-month-and-a-half low.
Banking - Sat, October 19, 2024 | 8:00 pm GMT+7
Vietnam-Northern Territory trade-investment ties yet to tap full potential: minister
Trade and investment ties between Australia’s Northern Territory and Vietnam have not matched existing potential, says Minister of Planning and Investment Nguyen Chi Dung.
Industries - Sat, October 19, 2024 | 5:37 pm GMT+7
Thai retail giant Central plans more rooftop solar, EVs in Vietnam
Thailand’s Central Group has plans to intensify the use of rooftop solar and electric vehicles (EVs) at its establishments in Vietnam as part of its Net Zero emission strategy.
Energy - Sat, October 19, 2024 | 4:37 pm GMT+7
PYN Elite becomes major shareholder of Vietnam house developer Lideco
Finland-based PYN Elite Fund has bought a large batch of shares of Hanoi-based housing developer Tu Liem Urban Development JSC or Lideco to become a major shareholder in the latter.
Finance - Sat, October 19, 2024 | 3:52 pm GMT+7
US firm Murphy Oil, PTSC begin building platform for oil exploitation offshore Vietnam
Murphy Cuu Long Bac Oil Co, Ltd. (MCB) and PTSC Mechanical & Construction (PTSC M&C) have held the first-cut ceremony to build a central processing platform for activities at Block 15-1/05 offshore Vietnam.
Energy - Sat, October 19, 2024 | 2:44 pm GMT+7
Vietnam welcomes leading Chinese corporates’ engagement in big infra projects: Deputy PM
The Vietnamese government welcomes with open arms leading Chinese corporations to explore opportunities for investment and business cooperation in Vietnam through major infrastructure projects, says Deputy Prime Minister Tran Hong Ha.
Infrastructure - Sat, October 19, 2024 | 2:04 pm GMT+7
CJ OliveNetworks to build Vietnam plant of soju producer HiteJinro
CJ OliveNetworks, a provider of IT systems and services under South Korean chaebol CJ, will build the Vietnam factory of soju producer HiteJinro.
Companies - Sat, October 19, 2024 | 10:43 am GMT+7
Vietnam livestock industry more professional, easier to do business with: De Heus exec
Vietnam’s livestock industry has become more professional with large farm sizes and young entrepreneurs, making it easier to connect them with buyers with high-quality requirements, says Johan van den Ban, general director of De Heus Vietnam.
Companies - Sat, October 19, 2024 | 10:25 am GMT+7