Vietnam mulls tax relief for Thailand SCG, Korea Hyosung's petrochemicals projects
Deputy Prime Minister Tran Hong Ha has asked the Ministry of Finance to discuss and draft feasible solutions regarding import-export taxes per suggestions of Long Son Petrochemicals and Hyosung Vina Chemicals.
Ha made the request at a Thursday working session in Ba Ria-Vung Tau province, home to factories of the two firms.
Ba Ria-Vung Tau Chairman Nguyen Van Tho stressed the companies had raised their concerns due to the stagnant global market and were seeking solutions.
Deputy Prime Minister Tran Hong Ha addresses a working session in Ba Ria-Vung Tau province, southern Vietnam, November 14, 2024. Photo courtesy of the government's news portal.
Long Son Petrochemicals is the operator of the $5.3-billion Long Son Petrochemicals complex (LSP) invested by Thailand’s Siam Cement Group (SCG). Hyosung Vina Chemicals is the operator of the $1.67-billion polypropylene factory-LPG storage facility.
The two companies said the unfavorable global market has caused production costs to outnumber selling prices and supply to exceed demand. As a result, they have had to adjust or halt activities.
Thamasak Sethaudom, director of Thailand’s Siam Cement Group (SCG), proposed lower import taxes, even tax exemptions for some input materials. Meanwhile, a Hyosung representative called on the Vietnamese government to apply suitable taxes to protect the domestic sector.
In October, SCG said “The LSP plant has temporarily halted operations to manage overall business costs, with plans to reassess operations when conditions are more favorable.”
In reply, Deputy PM Tran Hong Ha asked relevant ministries to study the recommendations, with a focus on supporting Vietnam-based businesses on the basis of “shared risks and benefits” and ensuring fair trade ties between Vietnam and other countries.
The companies also made other suggestions related to alternative input materials and administrative procedures for additional investments.
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