Thailand's SCG Group achieved revenue of up to 1.4 billion USD from the Vietnamese market.

Thailand's SCG Group has just announced impressive business results in the Vietnamese market in 2024 with soaring revenue thanks to contributions from the Long Son petrochemical project.

Thailand's SCG Group's revenue growth thanks to contributions from the Long Son petrochemical project. In photo: Workers operating at the Long Son factory in 2024 - Photo: NGOC HIEN

On February 7, SCG Group (Thailand) announced its business results in the Vietnamese market in 2024.

Accordingly, SCG's sales revenue in Vietnam reached a record VND35,140 billion (equivalent to USD1.4 billion), up 15% compared to 2023.

The main growth driver comes from Long Son Petrochemicals Company Limited (LSP) - SCG's key project in the petrochemical sector located in Ba Ria - Vung Tau .

In the fourth quarter of 2024 alone, SCG's sales revenue in Vietnam reached VND9,180 billion (equivalent to USD363 million), up 7% over the same period last year.

SCG Group said this growth was thanks to impressive revenue from SCGC's petrochemical industry, with a highlight being the export of polyethylene (raw plastic) from Thailand to Vietnam.

In the ASEAN market (excluding Thailand), SCG achieved revenue of VND97,260 billion (US$3.88 billion) last year, up 12% year-on-year. This growth was mainly due to revenue growth from all of the group's business segments in Vietnam.

In the global market as a whole, SCG achieved sales revenue of VND 362,730 billion (USD 14,490 billion), up 2% year-on-year.

However, the company's after-tax profit reached VND4,500 billion (US$180 million), down 76% year-on-year, mainly due to the impact of Long Son Petrochemical Co., Ltd.'s operations in Vietnam and lower profit contributions from associated companies.

According to SCG, if excluding unusual factors in 2023, including the decline in asset value of cement factories in the region and profits from adjusting the fair value of investments, 2024 profit will decrease by 52% compared to the previous year.

In Vietnam, SCG has recently attracted public attention after putting into operation the $5 billion Long Son petrochemical complex in Ba Ria - Vung Tau, but then had to temporarily suspend operations at the end of 2024.

Responding to Tuoi Tre Online , an SCG representative said that the Long Son petrochemical complex "has temporarily suspended commercial operations to manage total business costs, with plans to restart when market conditions are more favorable."

SCG said the Long Son petrochemical complex will restart production when the market recovers and the complex will also receive an investment of 700 million USD to upgrade it to use more competitively priced raw materials.

SCG is a leading multi-industry corporation in Thailand, entering the Vietnamese market since 1992. This corporation owns many Vietnamese enterprises through M&A (mergers and acquisitions). Currently, SCG has 27 member companies in the fields of construction materials, packaging and petrochemicals operating in Vietnam with more than 16,000 employees.

Some prominent enterprises in the SCG ecosystem in Vietnam such as Vietnam Construction Materials Joint Stock Company (VCM), Song Gianh Cement, Buu Long, Binh Minh Plastics, TPC VINA...

In the packaging industry, SCG has a large market share in the fields of paper packaging, woven packaging, consumer packaging, food packaging, design, printing through companies such as Duy Tan, BATICO, SOVI (Bien Hoa packaging)...

SCG is also a corporation that offers many green products that reduce carbon emissions in Vietnam.

Source: https://tuoitre.vn/tap-doan-scg-cua-thai-dat-doanh-thu-len-den-1-4-ti-usd-tu-thi-truong-viet-20250207130601014.htm