Thailand’s SCG Packaging plans $353 million Vietnam expansion By Reuters

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BANGKOK (Reuters) – Thailand’s SCG Packaging (NYSE:) Pcl (SCGP) on Monday introduced an 11.8 billion baht ($353.93 million) enlargement in its packaging paper enterprise in Vietnam, anticipating progress in demand.

A brand new facility might be in-built Vinh Phuc province in northern Vietnam, to start operations in early 2024 and produce 870,000 tonnes of packaging paper per yr, up from 500,000, SCGP stated in a press release.

It will likely be run by Vina Kraft Paper, a three way partnership between SCG Packaging and Japan’s Rengo Firm, of which SCGP holds 70%.

“Vietnam has sturdy home consumption and is a vital export base within the area, a giant draw for multinational corporations to speculate their operations there,” chief government Wichan Jitpukdee stated.

Wichan anticipated Vietnamese demand progress of 6% to 7% yearly till 2025.

SCGP, a unit of Thailand’s largest industrial conglomerate, Siam Cement Pcl, stated it might use money and debt to finance the enlargement.

The ability is the newest transfer by a Thai agency to increase in Southeast Asia, with Vietnam, a fast-growing nation of 98 million folks, among the many most fascinating.

Lender Financial institution of Ayudhya Pcl final month stated it might purchase a client finance firm, SHB Finance in Vietnam for $155 million.

The pandemic has hit Thailand’s badly. In August, the federal government minimize its 2021 financial progress forecast to 0.7 to 1.2% from 1.5 to 2.5%, the third time it has finished so.

The Thai financial system slumped 6.1% final yr.

Vietnam’s outlook was brighter with the federal government anticipating as much as 4% progress

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