The logo of the Siam Cement Public Company Limited is pictured at its office building in central Bangkok, Thailand. Photo by Reuters/Chaiwat Subprasom.
Siam Cement Group (SCG), one of Thailand’s leading industrial companies, has earmarked Vietnam as its top priority market in upcoming years.
Once a petrochemicals plant comes online in southern Vietnam, the company anticipates revenue from Southeast Asia excluding Thailand would rise to 35 percent of the total from the current 26 percent, its CEO Roongrote Rangsiyopash told Nikkei.
“We have several projects ongoing, some big ones like a chemicals complex in northern Vietnam. That one, fortunately, has had no impact from the pandemic,” he added.
The group has seen a trend of localized production within ASEAN and will make this a focus.
“For the next few years, I foresee Vietnam would be our top priority,” Roongrote stated.
SCG recently signed an agreement to buy 70 percent of Duy Tan Plastics, the largest manufacturer of rigid plastic packaging products in Vietnam, bringing its number of packaging companies in the country to eight.
The group started investing in Vietnam in 1992. It has over 20 subsidiaries in Vietnam in the cement and building materials, chemicals and packaging industries. It has been investing in the packaging industry for over a decade.