Packaging contractor Sovi to spend $46 mln on relocating one Vietnam factory, expanding another

By Quang Minh
Mon, November 25, 2024 | 4:14 pm GMT+7

Bien Hoa Packaging JSC, widely known as Sovi, will spend VND1,175 billion ($46.23 million) to relocate its plant from a polluting industrial park in the southern province of Dong Nai and expand another in the neighboring province of Binh Duong.

Documents sent to shareholders last Friday in preparation for an extraordinary general meeting scheduled for December 18 note that Sovi is among the first entities to move out of the Bien Hoa 1 Industrial Park (IP) before December 2025 at the local government’s request.

 Inside a Sovi plant. Photo courtesy of the company.

Inside a Sovi plant. Photo courtesy of the company.

Sovi will expand its factory in Binh Duong before relocating its facility at the Bien Hoa 1 IP in Dong Nai to Loc An-Binh Son IP, another IP in the same province’s Long Thanh district.

Established in 1968, Sovi was the first corrugated packaging producer in Vietnam.

It produces carton packages for cosmetics, confectionery, beverages, and footwear manufacturers.

Listed on the Ho Chi Minh Stock Exchange as SVI, the company is one of the five largest packaging providers in southern Vietnam, with clients including Unilever, Pepsico, Nestlé, Kido Group, and Vinacafé.

In December 2020, TCG Solutions, a subsidiary of Siam Cement Group (SCG) – Thailand's largest industrial conglomerate, acquired a 94.11% stake in Sovi.

In the first nine months of this year, Sovi earned net profits of VND48 billion ($1.89 million) on revenues of VND1,085 billion (42.69 million), down 51.7% and 1% year-on-year, respectively.

SVI shares were flat at VND62,300 ($2.45) apiece on Monday.

The relocation of production facilities is part of Dong Nai’s plan to convert Bien Hoa 1 Industrial Park, established in 1963 as the first IP in Vietnam, into an urban area-trade-services complex, thereby improving environmental quality in the area.

The IP, which covers 324 hectares at the center of Bien Hoa town, now houses 76 companies with more than 21,000 employees, including six foreign firms employing over 6,000 people. It has been contaminating the Dong Nai river, which provides water for millions of residents in the southern region.

Comments (0)
  • Read More
Thailand’s SCG books $301 mln in Q1 sales from Vietnam

Thailand’s SCG books $301 mln in Q1 sales from Vietnam

Siam Cement Group (SCG) reported sales of VND7.77 trillion ($301 million) in Vietnam in Q1/2025, reflecting the country as a key market for the Thai conglomerate in Southeast Asia.

Companies - Sat, June 7, 2025 | 9:54 am GMT+7

Vietnam’s energy firm identifies 3 emissions violations among Vietnamese enterprises

Vietnam’s energy firm identifies 3 emissions violations among Vietnamese enterprises

Looking ahead, 2030 is a milestone year, as major global brands such as Unilever, Nestlé, H&M, and Nike have committed to cutting Scope 1 and Scope 2 emissions by 50-65%, said Pham Dang An, CEO of Vu Phong Energy Group, a major developer of clean energy in Vietnam.

Companies - Sat, June 7, 2025 | 8:00 am GMT+7

Deal acquiring financial firm of Vietnam's SeABank invalid: Aeon Financial

Deal acquiring financial firm of Vietnam's SeABank invalid: Aeon Financial

Aeon Financial Service Co., Ltd. on Friday stated that its deal to purchase a financial company owned by Vietnam's SeABank is invalid due to "inappropriate accounting transactions."

Finance - Fri, June 6, 2025 | 11:57 pm GMT+7

VSAP LAB to build $69 mln chip packaging tech laboratory in central Vietnam

VSAP LAB to build $69 mln chip packaging tech laboratory in central Vietnam

Vietnamese private firm VSAP LAB JSC has been approved as the investor of a VND1.8 trillion ($69.11 million) advanced packaging technology laboratory project that will assist semiconductor production in the central city of Danang.

Industries - Fri, June 6, 2025 | 8:11 pm GMT+7

Vietnam's major property developer Hoang Huy successfully raises $30.7 mln from parent company

Vietnam's major property developer Hoang Huy successfully raises $30.7 mln from parent company

Hoang Huy Investment Services JSC (HoSE: HHS) has successfully issued 64 million shares for VND800 billion ($30.7 million) via private placement to its parent company – Hoang Huy Financial Services Investment JSC (TCH).

Companies - Fri, June 6, 2025 | 3:32 pm GMT+7

Subsidiaries, affiliates likely not to enjoy preferential corporate income tax in Vietnam

Subsidiaries, affiliates likely not to enjoy preferential corporate income tax in Vietnam

Subsidiaries and affiliates of enterprises in Vietnam might not be eligible for preferential corporate income tax (CIT) rates of 15-17%, in order to prevent abuse of incentives like splitting income for tax avoidance, according to the Financial and Economic Committee under the National Assembly, the country's legislature.

Finance - Fri, June 6, 2025 | 3:22 pm GMT+7

VPS Securities JSC named Vietnam’s best broker again by The Asset

VPS Securities JSC named Vietnam’s best broker again by The Asset

VPS Securities JSC (VPS) has once again been honored as the “Best Brokerage House in Vietnam” at the Triple A Awards 2025, presented by The Asset, a leading Asia-focused financial publication.

Companies - Fri, June 6, 2025 | 11:40 am GMT+7

Vietnam's agri major BAF eyes two 6-story buildings for pig farming in southern Vietnam

Vietnam's agri major BAF eyes two 6-story buildings for pig farming in southern Vietnam

BAF Vietnam Agriculture JSC has submitted a proposal to the Ministry of Agriculture and Environment to develop a smart pig farming complex including two six-story buildings in the southern provinces of Tay Ninh and Binh Phuoc.

Industries - Fri, June 6, 2025 | 11:20 am GMT+7

Food major Kido leaders reveal real estate ambitions

Food major Kido leaders reveal real estate ambitions

Leaders of Kido Group, a leading Vietnamese food and cooking oil producer, said they see many positive policies that are helping to ease real estate market difficulties and create favorable conditions for the company to develop projects on its land reserves.

Real Estate - Fri, June 6, 2025 | 11:03 am GMT+7

Indonesia accelerates procedures to join OECD

Indonesia accelerates procedures to join OECD

The Indonesian Government has finalised the preparation of the Initial Memorandum (IM) for its accession to the Organisation for Economic Co-operation and Development (OECD), which will be submitted to OECD Secretary-General Matthias Cormann in Paris, France.

Southeast Asia - Fri, June 6, 2025 | 10:16 am GMT+7

OECD lowers Indonesia's growth forecast to 4.7%

OECD lowers Indonesia's growth forecast to 4.7%

The Organisation for Economic Cooperation and Development (OECD) has lowered its forecast for Indonesia's economic growth down to 4.7% this year, from the previous 4.9%, due to weakened domestic sentiment and heightened external risks.

Southeast Asia - Fri, June 6, 2025 | 10:15 am GMT+7

Vietnam, US sign additional agricultural trade deals worth over $600 mln

Vietnam, US sign additional agricultural trade deals worth over $600 mln

Vietnam and the U.S. on Wednesday signed MoUs on importing animal feed materials from Ohio state with total value exceeding $600 million.

Economy - Fri, June 6, 2025 | 10:03 am GMT+7

My Thuy deepwater port to become central Vietnam logistics hub

My Thuy deepwater port to become central Vietnam logistics hub

My Thuy Deepwater Port, once operational, will not only create a new growth pole for the central province of Quang Tri and serve as a gateway to the East Sea, but also become a regional logistics hub.

Infrastructure - Fri, June 6, 2025 | 8:00 am GMT+7

Vietnam's 5-month registered FDI hits $18.4 bln, up 51%

Vietnam's 5-month registered FDI hits $18.4 bln, up 51%

Registered foreign direct investment (FDI) in Vietnam hit $18.4 billion in the first five months of the year, up 51.1%, while disbursed capital reached $8.9 billion, up 7.9%.

Economy - Thu, June 5, 2025 | 6:52 pm GMT+7

Indonesia launches economic stimulus package to boost purchasing power

Indonesia launches economic stimulus package to boost purchasing power

The Indonesian Government has rolled out an economic stimulus package worth IDR24.44 trillion (nearly $1.53 billion) to maintain consumer purchasing power and stabilize the national economy.

Southeast Asia - Thu, June 5, 2025 | 4:06 pm GMT+7

Vinhomes subsidiary to develop two industrial parks worth $383 mln in northern Vietnam

Vinhomes subsidiary to develop two industrial parks worth $383 mln in northern Vietnam

Vinhomes Hai Phong Industrial Park Investment JSC under Vinhomes, the housing arm of Vietnam’s conglomerate Vingroup (HoSE: VIC), is expected to be the investor of two industrial parks worth VND10 trillion ($383 million) in the northern port city of Hai Phong.

Real Estate - Thu, June 5, 2025 | 3:54 pm GMT+7