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.
SCG’s total revenue from ASEAN markets, excluding Thailand, reached VND17.97 trillion ($698 million) during the period, according to the company’s announcement.
As of March 31, SCG’s consolidated assets stood at VND642.48 trillion ($25.01 billion), with ASEAN (excluding Thailand) accounting for VND294.37 trillion ($11.46 billion), or 46% of the total.
Long Son Petrochemicals (LSP) complex, invested by SCG, in Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of LSP.
SCG entered Vietnam in 1992 and has since expanded aggressively through multiple mergers and acquisitions. Its subsidiary, The Nawaplastic Industries (Saraburi) Co., Ltd., currently holds a 55% stake in Binh Minh Plastics JSC (HoSE: BMP).
In packaging, SCG acquired an 80% stake in Tin Thanh Plastic Packaging (Batico) in 2015, 94.11% of Bien Hoa Packaging (Sovi) in 2020, and 70% of Duy Tan Plastics in 2021. In the cement sector, it fully acquired StarCemt (VCM), the owner of the Song Gianh Cement Plant in the central province of Quang Binh, for $156 million in 2017.
In late 2023, SCG acquired a 70% stake in Starprint Vietnam for VND676.8 billion ($27.8 million).
Currently, SCG operates 27 subsidiaries in Vietnam, employing more than 16,000 people.
The group is also the developer of the $5.5 billion Long Son Petrochemicals (LSP) complex in the southern province of Ba Ria-Vung Tau. Construction of the megaproject began in 2018 and represents SCG’s largest investment in Vietnam to date.
In a meeting with Prime Minister Pham Minh Chinh in the province in March, LSP's general director Kulachet Dharachandra said the firm plans to invest an additional $400 million in the Long Son complex.
Ba Ria-Vung Tau authorities in late May gave a green light for a $400 million investment capital hike of the complex.
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