SCG posts Q2 sales revenue increase in Viet Nam

Thursday, Aug 04, 2022 15:49

Long Son Petrochemicals Company Limited (LSP) in Viet Nam. — Photo courtesy of SCG

Southeast Asian conglomerate SCG reported sales revenue of VND11.1 trillion (US$482 million) in the Vietnamese market in the second quarter of 2022, up 13 per cent year-on-year.

The increase was mainly thanks to the new partnership of Duy Tan, a rigid plastic packaging products producer of SCGP - the packaging business of SCG, the company said in its statement.

In Q2, SCG’s total assets in Viet Nam topped VND151 trillion, a yearly increase of 24 per cent mainly in the chemicals business from Long Son Petrochemicals (LSP) and packaging business.

Overall, SCG’s revenue from sales for the first half of 2022 rose 19 per cent year-on-year to $9 billion.

“Despite volatile situations with crisis upon crisis such as inflation, rising interest rates, increased energy and raw material costs as well as climate change, SCG continues to adapt, resulting in strong overall business and financial performance," said Roongrote Rangsiyopash, President and CEO of SCG.

"Strategic investments are being prioritised, resulting in the delay of new projects that are non-urgent while still going through with quick-return projects and ones that are aligned with the company’s long-term growth plans. This includes the LSP petrochemical complex project in Viet Nam and SCGP’s partnership with Peute, the largest packaging material recycling business in the Netherlands,” he said.

SCG began its business operations in Viet Nam in 1992 with a trading business and gradually expanded its investment in diversified businesses in cement-building materials, chemicals, and packaging. It now has 23 companies across the country, recruiting more than 15,000 employees.

The company is striving to put the Long Son Petrochemicals Complex in the southern province of Ba Ria-Vung Tau Province into commercial operations in the first quarter of 2023. — VNS

Comments (0)