Thailand SCG earns $1.45 bln in Vietnam in 2024, up 11%

Thailand’s Siam Cement Group (SCG) recorded sales of THB49,514 million ($1.45 billion) in Vietnam in 2024, up 11.1% year-on-year, the industrial giant said in its 2024 performance review.

Per global scale, SCG earned a sales revenue of THB511,172 million (nearly $14.97 billion) in 2024, up 2%.

Thailand was its biggest source, accounting for 54% of the total, followed by the ASEAN (not including Thailand) with 27%, and other overseas markets with 19%.

Excluding Thailand as its domestic market, Vietnam was SCG’s biggest market in the ASEAN, followed by Indonesia and Cambodia.

SCG Chemicals (SCGC), an arm of SCG, reported that the output of its Long Son Petrochemicals (LSP) complex in Vietnam reached 336,000 tons of polypropylene (PP) and polyethylene (PE) in 2024. The figure accounted for 18% of SCGC’s total output of 1.87 million tons of PP and PE last year.

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) on September 30, 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 November 2024, SCG said it would invest an extra $700 million in the $5.2 billion LSP to diversify its production. In January 2025, SCG said SCGC signed a 15-year ethane supply and delivery contracts to provide feedstock for its LSP complex.

In addition to petrochemicals, SCG also has other businesses in Vietnam, including cement (SCG Cement and Green Solutions), and building materials and wood pellet (SCG Smart Living).