SCG commits to complete mega petrochemicals complex in Vietnam on schedule
The plant, the first of its kind in Vietnam, targets to develop a 1-million-ton ethylene cracker with a flexible gas and naphtha feed, creating an olefin capacity of 1.6 million tons per year.
Thailand’s largest cement maker Siam Cement Group (SCG) is committed to completing the US$5.4-billion Long Son Petrochemicals complex on schedule, according to Dhep Vongvanich, SCG Vietnam’s executive director.
Deputy Prime Minister Trinh Dinh Dung (r) and Dhep Vongvanich, SCG Vietnam’s executive director (l). Source: VGP.
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Vongvanich stated SCG expected to hold training courses for the locals to work at construction sites, factories and provide support services for the complex once it is completed by 2023 and could employ thousands of workers.
He highly regarded SCG’s business performance in Vietnam in the fields of chemical, construction materials and packaging, contributing to the two nations' relations.
Dung requested SCG to increase investments in Vietnam and fulfil its social responsibilities in the project areas through creating jobs, developing the infrastructures and improving locals’ living standards.
The Deputy PM stated the Vietnamese government encourages and create favorable conditions for foreign investors, including SCG to expand operations in Vietnam.
SCG held the breaking ground ceremony for the Long Son Petrochemicals complex last February with the presence of Vietnam’s Prime Minister Nguyen Xuan Phuc.
The plant, the first of its kind in Vietnam, targets to develop a 1-million-ton ethylene cracker with a flexible gas and naphtha feed, creating an olefin capacity of 1.6 million tons per year.
At present, Dung Quat Refinery, the first-ever oil refinery in Vietnam, processes about 6.5 million tons of crude oil per year, meeting only 30% of the domestic demand for petroleum products, according to the Ministry of Industry and Trade.
Thailand is currently Vietnam’s ninth largest investors among 129 countries and territories pouring money into Vietnam with 521 projects worth US$10.38 billion, mainly in manufacturing and processing and real estate.
Additionally, Thailand claimed the top spot as Vietnam’s largest trading partner in ASEAN, posting bilateral trade turnover of US$18 billion.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years