SCG Chemicals loses $304 mln from Long Son Petrochemicals in Vietnam in 2024
SCG Chemicals (SCGC), an arm of Thailand’s Siam Cement Group (SCG), recorded a loss of THB10,269 million ($303.6 million) from the $5.2 billion Long Son Petrochemicals (LSP) complex in Vietnam in 2024.
In its 2024 performance review, SCG said LSP expenses are mainly depreciation and interests. As a result, SCGC posted a loss of THB7,990 million ($236.2 million) in 2024 (before elimination of intersegment transactions), versus a profit of THB589 million in 2023.
Long Son Petrochemicals (LSP) complex in Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of LSP.
Regarding SCG, it is “profitable” at THB14,428 million ($426.52 million) without LSP. Instead, its profit reached THB6,342 million only. Despite the loss at LSP, SCG said it recorded sales of THB49,514 million ($1.45 billion) in Vietnam in 2024, up 11.1% year-on-year,
For 2025, SCGC estimates LSP’s monthly total expenses can reach THB1,200 million ($35.5 million), of which 40% is non-cash, such as depreciation.
SCGC started land preparation for the Long Son Petrochemicals complex in Vietnam’s southern province of Ba Ria-Vung Tau in 2018, started up all utilities in 2022, and conducted a full complex test run in December 2023.
LSP began its commercial operation (COD) in September 2024, with an initial production output of 74,000 tons during the trial phase. At full capacity, the complex’s annual output will include 1.4 million tons of polyethylene and polypropylene.
In October 2024, SCG said LSP complex “temporarily halted operations to manage overall business costs, with plans to reassess operations when conditions are more favorable.”
According to Ba Ria-Vung Tau authorities, LSP complex is planning to resume operation from early Q3/2025.
- Related News
- Read More
Thai dairy brand Betagen to build first plant in Vietnam
Betagen, a famous Thai dairy brand, plans to build its first manufacturing plant in Vietnam, located in the southern province of Dong Nai.
Industries - Tue, November 18, 2025 | 8:49 am GMT+7
Banks dominate Vietnam's Q3 earnings season, Novaland posts biggest loss
Banks accounted for more than half of the 20 most profitable listed companies in Vietnam’s Q3/2025 earnings season, while property developer Novaland recorded the largest loss.
Finance - Tue, November 18, 2025 | 8:24 am GMT+7
Highlands Coffee posts strongest quarterly earnings in 2 years on robust same-store sales
Highlands Coffee, Vietnam’s largest coffee chain, delivered its best quarterly performance in two years, with Q3 EBITDA exceeding PHP666 million ($11.27 million), parent company Jollibee Foods Corporation (JFC) said in its latest earnings report.
Companies - Mon, November 17, 2025 | 10:21 pm GMT+7
Hong Kong firm Dynamic Invest Group acquires 5% stake in Vingroup-backed VinEnergo
VinEnergo, an energy company backed by Vingroup chairman Pham Nhat Vuong, has added a new foreign shareholder after Hong Kong–based Dynamic Invest Group Ltd. acquired a 5% stake, according to a regulatory filing on Saturday.
Companies - Mon, November 17, 2025 | 9:52 pm GMT+7
Thai giant CP’s Q3 Vietnam revenue drops 20% as hog prices slump
Thailand’s Charoen Pokphand Foods PCL (CPF) reported a sharp downturn in its Vietnam business in Q3, making the country its only major market to contract.
Companies - Mon, November 17, 2025 | 4:16 pm GMT+7
Surging demand for gas turbines tightens supply chains, extends lead times: Siemens Energy
Demand for gas turbines is rising rapidly, especially in regions with a surge in data center development, tightening supply chains and extending lead times - factors that investors must closely track during project preparation, according to Siemens Energy.
Companies - Mon, November 17, 2025 | 1:34 pm GMT+7
Novaland completes first phase of restructuring, targets 'returning to growth' from 2027
Novaland, a leading real estate developer in Vietnam, said it has completed the first phase of its multi-year restructuring plan and aims to finish the entire program by end-2026, positioning the company to return to growth from 2027.
Companies - Mon, November 17, 2025 | 12:26 pm GMT+7
Vietnam's property developer Regal Group to list shares on HCMC bourse in Q4
Regal Group JSC, a property developer based in the central city of Danang, has applied to list its 200 million RGG shares on the Ho Chi Minh City Stock Exchange (HoSE) in Q4/2025.
Real Estate - Mon, November 17, 2025 | 10:52 am GMT+7
Vietnam's upstream oil & gas stocks surge on project momentum, regulatory easing
Stocks of Vietnam’s upstream oil and gas companies have surged in recent weeks, boosted by rising exploration activity and new rules that accelerate project approvals, while midstream and downstream players face pressure from falling crude prices.
Companies - Mon, November 17, 2025 | 8:57 am GMT+7
Indonesia to turn Bali into Asia’s next medical tourism hotspot
Indonesia is stepping up efforts to reduce the number of citizens seeking treatment abroad and turn Bali into Asia’s leading medical tourism hotspot.
Southeast Asia - Sun, November 16, 2025 | 9:05 pm GMT+7
Malaysia aims to become Southeast Asia’s AI, EV hub
Malaysia is shifting into high gear as it positions itself to become Southeast Asia’s leading hub for smart, sustainable mobility, powered by breakthroughs in electric vehicles (EVs), artificial intelligence (AI), and advanced manufacturing.
Southeast Asia - Sun, November 16, 2025 | 9:00 pm GMT+7
108 foreign investors hold 26.8% stake in Vietnam's industrial giant Thaco
Vietnam’s industrial conglomerate Truong Hai Group (Thaco) has reported a charter capital of VND30.51 trillion ($1.16 billion), with domestic private capital accounting for 73.2% and 108 foreign investors holding the remaining 26.8% stake.
Companies - Sun, November 16, 2025 | 4:42 pm GMT+7
Vietnam the most important manufacturing hub of Chinese electronics giant Luxshare-ICT: exec
Major Chinese electronics manufacturer Luxshare-ICT will expand its operations in Vietnam by rolling out large science-technology and innovation projects in the northern province of Bac Ninh and other localities, its vice chairman Wang Laisheng said on Saturday.
Companies - Sun, November 16, 2025 | 2:46 pm GMT+7
Sweden’s Syre reinforces $1 bln textile recycling plant in Vietnam with Nike deal
A strategic deal with U.S. sportswear giant Nike is expected to consolidate Swedish recycling start-up Syre's plans to roll out a global network of textile-to-textile recycling facilities, beginning with a $1 billion plant in Vietnam.
Industries - Sun, November 16, 2025 | 8:00 am GMT+7
Vietnam plans roadmap to allow short selling under stock market upgrade program
Vietnam’s Ministry of Finance has outlined a plan to introduce short selling and securities lending on a controlled basis as part of its broader effort to upgrade the country’s stock market from frontier to secondary emerging status.
Finance - Sat, November 15, 2025 | 8:01 pm GMT+7
Vietnam's first LNG power plants to begin commercial operation in Nov-Dec
Nhon Trach 3 and 4, Vietnam’s first LNG-fired power plants, are expected to begin commercial operations at the end of 2025, according to authorities in the southern province of Dong Nai.
Energy - Sat, November 15, 2025 | 3:42 pm GMT+7
