Siam Cement Group Chief Executive Kan Trakulhoon has confirmed that Vietnam remains a key market for the company. “Vietnam is an emerging economy with a large and dynamic population and a good business environment. Remarkably, we have seen its efforts in building an ASEAN Economic Community. In this context, Vietnam has many favourable factors for our upcoming plans,” he told press.
Siam Cement Group has been active in Vietnam since 1992 and currently has 19 affiliates in the country with total assets worth US$615 million. In 2012, the Group saw sales revenue surge 11% y/y to 6.7 trillion dong. In 1H13, revenues jumped 43% y/y to 4.9 trillion dong.
In December 2012, Siam Cement Group bought an 85% stake in Prime Group, a leading building materials producer in Vietnam, for a figure of 5.12 trillion dong. Together with Thai Plastics and Chemicals, the Group has entered a JV with the Vietnamese subsidiary of Qatar Petroleum International, the Vietnam National Oil and Gas Group, and Vietnam National Chemicals Group to invest in a petroleum project in the country, of which Siam Cement Group will own 28%. “We will continue our investment in this potential market, focusing on cement, building materials, paper and chemicals,” Kan said.
This report follows earlier announcements of investments in Myanmar, Cambodia and Indonesia, which see Siam Cement Group pursuing a strategy of growth across the ASEAN region.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/asia-pacific-rim/10092013/siam_cement_invests_in_vietnam_162/