Thai conglomerate SCG has announced its Q2 2024 financial results, showcasing growth in both revenue and profits compared to the previous quarter, largely attributed to the recovery of the Vietnamese and Indonesian markets.
In Vietnam, SCG reported sales revenue of VND 16,000 billion (approximately USD 656 million) for the first half of 2024, marking a 12% increase from the same period last year. This growth is primarily driven by increased sales revenue from Long Son Petrochemicals Company Limited (LSP).
LSP is the first and largest integrated petrochemical complex in Vietnam, spanning 464 hectares of land and 194 hectares of water area for its port system. It is also the only Thai project in Vietnam with an investment of over USD 1 billion, accounting for over 30% of the total registered investment capital.
Once operational, the complex will produce approximately 1.4 million tons of resin pellets annually, serving as raw materials for manufacturing various plastic products used in daily life. The products from the complex are expected to replace imported polyolefins and enhance the competitiveness of downstream manufacturers in the domestic market.
According to SCG, their key project, the Long Son Petrochemicals Complex (LSP), is set to commence commercial operations in Q3 2024, supplying resin pellets to the domestic market and supporting related industries. Specifically, LSP will restart its upstream and downstream operations in August and is expected to begin commercial operations in October 2024.
The project is anticipated to generate revenue of VND 15,000 billion (USD 600 million) in 2024 and approximately VND 38,000 billion (USD 1.5 billion) in 2025.
However, SCG acknowledges the challenges posed by the global economic recession and excess supply in the market. As a large-scale investment project, LSP also incurs significant annual expenses, including depreciation and interest charges.
SCG has been operating in Vietnam since 1992 and currently has over 21 subsidiary companies with more than 8,500 employees. Their product portfolio in the cement and building materials sector includes concrete roof tiles, white cement, ready-mixed concrete under the SCG brand, Prime-branded wall and floor tiles, COTTO sanitary ware, and bathroom accessories.
Notably, in June 2018, SCG signed an agreement to acquire a 29% stake in the Long Son Petrochemicals Complex project from the Vietnam National Oil and Gas Group (Petro Vietnam), increasing its ownership from 71% to 100%.
SCG also holds controlling stakes in Binh Minh Plastic (BMP), Bien Hoa Packaging (SVI), Duy Tan Plastics, and other prominent Vietnamese companies.
Since 2023, SCG has been in the spotlight as the Long Son Petrochemicals Complex nears its final stages of operation. The project, initially granted an investment certificate in July 2008, has seen its total investment increase from USD 3.77 billion to USD 4.5 billion, and finally to USD 5.4 billion in the later stages.
The most extensive bribery case ever in Thanh Hoa: Numerous suspects prosecuted for “Giving and Receiving Bribes”
The Provincial Security Investigation Agency (PSIA) of Thanh Hoa province announced on January 31st that it has made the decision to initiate a prosecution against 23 individuals in connection with the offenses of “Accepting bribes” and “Giving bribes” as stipulated in Article 354(3) and Article 364(2) of the Criminal Code.
Accelerating disbursement of the 120 trillion VND credit package for social housing
Deputy Prime Minister Trần Hồng Hà has recently issued directives regarding the implementation of the 120,000 billion VND credit package for investors and buyers of social housing, workers’ housing, and projects for the renovation and construction of apartment buildings.
“Prosecution of government officials, land registration officers, and tax department employees in the largest bribery case ever”
The Thanh Hoa Police Investigative Agency has initiated legal proceedings against 23 individuals involved in the crimes of “Bribery” and “Receiving bribes”. This is the largest bribery case in terms of the number of suspects ever discovered and apprehended by the Thanh Hoa Police.
Mobile World achieves revenue of VND118,000 trillion: TVs, tablets, and phones all decrease by 10% – 50%, while one product grows in both quantity and revenue.
Mobile World Investment Corporation (MWG) has recently announced its 2023 business results. According to the report, the company’s consolidated revenue reached over 118 trillion Vietnamese dong, equivalent to 89% of the revenue in 2022.
Vietnam’s Irresistible ‘Specialty’ That China Desperately Wants to Revive: Highly Popular from the US to Asia, Bringing in Millions of Dollars
Vietnam is one of the largest exporting countries in the world, along with China and the Philippines.
