Siam Cement Group (SCG), Thailand’s leading industrial conglomerate, announced its business performance in Vietnam for the year 2024, posting a record revenue of VND35.14trn (US$1.4bn). This marks a 15 per cent increase compared to 2023, largely driven by the operations of Long Son Petrochemicals Co Ltd, SCG’s flagship petrochemical project in Ba Ria, Vung Tau province, southern Vietnam. In the final quarter of 2024, SCG's revenue from Vietnam reached VND9.18trn (US363m), reflecting a seven per cent YoY increase.
SCG’s total global revenue for 2024 stood at VND362.73trn (US$14.49bn), reflecting a two per cent YoY growth. However, its after-tax profit plunged 76 per cent YoY to VND4.5trn (US$180m), mainly due to operational challenges at Long Son Petrochemicals and lower contributions from affiliated companies.
Across the ASEAN region (excluding Thailand) SCG recorded a 12 per cent revenue increase in 2024, with total earnings reaching VND97.26trn (US$3.88bn). The Vietnamese market was identified as a key driver of this regional growth, contributing significantly across all business segments, including construction materials, packaging, and petrochemicals. Notable Vietnamese cement subsidiaries under SCG include Vietnam Construction Material Company JSC, Song Gianh Cement JSC and Don Nai Cement plant.
