Thailand-based Siam Cement Group (SCG) reported sales of VND7.77trn (US$301m) in Vietnam in the 1Q25, reflecting the country's importance as a key market for the Thai conglomerate in southeast Asia.
SCG’s total revenue from ASEAN markets, excluding Thailand, reached VND17.97trn during the period, according to the company’s announcement.
As of 31 March, SCG’s consolidated assets stood at VND642.48trn, with ASEAN (excluding Thailand) accounting for VND294.37trn, or 46 per cent of the total.
Heavy investment
SCG entered Vietnam in 1992 and has since expanded aggressively through multiple mergers and acquisitions. It currently operates 27 subsidiaries in Vietnam, employing more than 16,000 people.
In the cement sector, it fully acquired StarCemt (VCM), the owner of the Song Gianh Cement Plant in the central province of Quang Binh, for US$156m in 2017.
In packaging, SCG acquired an 80 per cent stake in Tin Thanh Plastic Packaging (Batico) in 2015, 94.11 per cent of Bien Hoa Packaging (Sovi) in 2020, and 70 per cent of Duy Tan Plastics in 2021. In late 2023, SCG acquired a 70 per cent stake in Starprint Vietnam for VND676.8bn (US27.8m).
The group is also the developer of the US$5.5bn Long Son Petrochemicals (LSP) complex in the southern province of Ba Ria-Vung Tau. Construction of the megaproject began in 2018 and represents SCG’s largest investment in Vietnam to date.
