SCG has signed loan agreements worth over US$3.2 billion with six banks in its home country, Thailand, to fund construction of Việt Nam’s first fully integrated petrochemical complex, Long Sơn Petrochemicals Company Limited (LSP).
Construction will begin in the third quarter of this year and the complex’s commercial operations are expected to start in the first half of 2023 to meet Việt Nam’s soaring demand, now at 2.3 million tonnes a year and projected to expand consistently thanks to the country’s strong economic growth.
Roongrote Rangsiyopash, president and CEO of SCG, said: “Long Sơn Petrochemicals is a world-scale petrochemical complex with an investment of $5.4 billion. It is SCG’s flagship investment.
Vietnam: Manufacturing to remain the key driver of growth
We expect robust exports, led by strong global demand for electronics, to continue to underpin solid economic growth over the remainder of this year with GDP forecast to rise close to 8%.
GDP growth was unchanged at 4.5% y/y in Q1. Manufacturing activity surged, while the recovery in service sector activity and construction continued albeit at a more subdued pace as some localised social distancing measures were reinstated.(more…)
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