Thai conglomerates seek to expand long-term investment in Vietnam

Vietnam's top leader To Lam said Vietnam is ready to facilitate Thai investors with strong capabilities, experience and long-term commitments, as the country seeks to deepen economic ties with the neighboring country.

During an official visit to Thailand on Thursday, Party General Secretary and President To Lam met executives from several major Thai conglomerates in Bangkok.

The meetings took place as Vietnam and Thailand implement their Comprehensive Strategic Partnership framework, under which economic cooperation, trade, investment and business connectivity have been identified as key pillars of bilateral relations.

At the meetings, To Lam welcomed major Thai industrial, energy, trade and service groups seeking to expand business operations in Vietnam. He said Vietnam prioritizes projects with advanced technology, modern governance standards and contributions to green growth and sustainable development.

SCG seeks expansion in petrochemicals, materials and logistics

Meeting Thammasak Sethaudom, president and CEO of Siam Cement Group (SCG), Lam welcomed Thai investment expansion in Vietnam, particularly in foundational industries, green manufacturing, advanced materials, logistics and supply chains.

The SCG executive said the group is investing in Vietnam through projects in petrochemicals, plastics, materials and packaging, while seeking to expand cooperation in petrochemicals, green industry, logistics, new materials and high value-added industrial products.

The group is also interested in circular economy initiatives, recycled materials and industrial emission reduction solutions.

SCG is the developer of the Long Son Petrochemicals Complex in Ho Chi Minh City, one of Vietnam’s largest foreign-invested petrochemical projects, with total investment exceeding $5 billion.

Lam acknowledged SCG’s operations in Vietnam and said the group had contributed to the country’s green transition goals.

He added that Vietnam prioritizes the development of foundational industries and encouraged SCG to deepen cooperation with Vietnamese companies in supply chains and high value-added industrial development.

Gulf eyes long-term LNG and renewable energy investment

At a separate meeting, Sarath Ratanavadi, vice chairman and CEO of Gulf Development, said the group aims to become a long-term strategic partner of Vietnam in strengthening national energy security.

According to the Gulf executive, the company is interested in long-term investment in LNG power and renewable energy projects in Vietnam.

Lam urged Gulf to implement projects with clear environmental and social commitments, while supporting technology transfer and workforce training. He reiterated that Vietnam is prepared to facilitate capable investors with long-term commitments such as Gulf.

Gulf has already established a presence in Vietnam through renewable energy projects, including solar power in Tay Ninh province and wind power in Gia Lai and Ben Tre provinces.

In 2019, the company signed an agreement to study the feasibility of a 6,000-MW LNG power plant and LNG terminal project in Ninh Thuan province.

Siam Piwat explores urban destination model

Meeting Chadatip Chutrakul, CEO of Siam Piwat Group, Lam said the company could explore integrated urban destination models combining retail, tourism, culture, creativity and urban spaces to meet Vietnam’s growing demand for higher-quality services and urban development.

The Siam Piwat executive said the group’s investments in Vietnam had been effective and expressed interest in expanding into the Thu Thiem Urban Area of Ho Chi Minh City. The company also shared experience in luxury retail, destination development, tourism and sustainable development.

Lam said Vietnam is accelerating development of high value-added service industries, including modern commerce, tourism, culture, creative industries and new urban economic models.

He encouraged Siam Piwat to study new cooperation opportunities in suitable localities and continue investment and partnerships in Vietnam, particularly in retail, services, tourism, culture, creativity and urban destination development.

The meetings with SCG, Gulf and Siam Piwat highlighted the broadening scope of Vietnam-Thailand investment cooperation, spanning foundational industries, materials, packaging, logistics and energy, as well as retail, tourism, services and urban development models.

As the two countries advance cooperation under the “Three Connections” strategy - linking supply chains, business-locality partnerships and sustainable development strategies - participation by major Thai conglomerates could help create new areas of economic cooperation.