Vietnam tops Thai giant SCG’s overseas markets with 9% revenue contribution in H1

Vietnam remained the largest overseas market for Thailand’s Siam Cement Group (SCG) in the first half of 2025, contributing 9% of consolidated sales.

The conglomerate generated THB22.4 billion ($702.5 million) in revenue from Vietnam, down just 1% from a year earlier, signaling resilient performance despite weak market conditions, SCG said in its latest report.

Vietnam is also SCG’s biggest overseas investment hub, with assets valued at $6.53 billion, or 27% of total group asset, well ahead of Indonesia at 14%.

The centerpiece is the $5.4 billion Long Son Petrochemicals Complex (LSP) in Ba Ria-Vung Tau province, which was recently merged with neighboring Ho Chi Minh City and Binh Duong province to form the new HCMC. After a temporary halt, its cracker plant resumed operations on August 20.

“The petrochemical sector has begun to improve slightly due to declining crude oil costs,” said SCG president and CEO Thammasak Sethaudom.

The plant has a total designed capacity of 1.4 million tons of plastic resins and various other plastic products annually. At full capacity, LSP is expected to generate $1.5 billion in annual revenue and contribute approximately $150 million to the state budget.

Beyond petrochemicals, SCG highlighted cement and building materials as growth drivers in Vietnam. Local cement production rose 10% year-on-year in the first quarter and 17% in the second quarter, supporting forecasts of 10-15% growth in H1.

SCG also maintains a leading position in packaging through aggressive M&A deals led by subsidiary SCGP. Notable acquisitions include Duy Tan Plastics (rigid packaging), Batico (flexible packaging), and Bien Hoa Packaging – SOVI (cartons).