A spokesperson from the Long Son Petrochemical Complex project, valued at over 5 billion USD and backed by Thailand’s SCG Group, shared positive updates following their recent engagement with the country’s leadership. Three months on, the group’s proposals have been actively addressed by Vietnamese authorities, marking significant progress.
One notable development is the group’s 15-year contract with a US partner for raw material supply, totaling over 4.5 billion USD. However, the spokesperson expressed that the absence of the 11th investment certificate is impacting project timelines and contracts with partners. They respectfully requested the Prime Minister’s intervention to streamline administrative procedures, eliminate red tape, and expedite the issuance of necessary permits.
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| PM Pham Minh Chinh in discussion with Kulachet Dharachandra, Long Son Petrochemical Company Limited’s General Director (Thailand) (Photo: VNA) |
Acknowledging their perseverance, PM Chinh assured that the investment certificate will be issued within the month, facilitating SCG’s expanding cooperation and investment in Vietnam. This will bring their total investment close to the 6 billion USD mark.
The Prime Minister congratulated the group on their successful partnership with the US supplier, timed with the Vietnamese Minister of Industry and Trade’s US visit. He attributed this achievement to the dedicated efforts of both parties, positively impacting the trade balance between Vietnam and the US. Deputy Prime Minister Ho Duc Phoc has been tasked with overseeing the Thai group’s proposals and requests, ensuring their projects operate efficiently and sustainably in Vietnam.
Additionally, SCG was encouraged to report to the Thai Prime Minister on Vietnam’s effective handling of their proposals, emphasizing the country’s commitment to turning words into actions and delivering on promises.
Hyosung Vina Co., Ltd., a prominent player in the Republic of Korea’s Hyosung Group, has already invested approximately 4.6 billion USD in Vietnam and intends to inject a further 1.5 billion USD into biotechnology and carbon fiber ventures. During their meeting with PM Chinh, company leaders highlighted their Bio-BDO plant in Ba Ria-Vung Tau as one of the world’s largest biotechnology facilities in this sector.
Hyosung Vina sought the Prime Minister’s support in directing relevant ministries, agencies, and localities to facilitate the import of genetically modified microorganisms and raw sugar for their production processes. They also requested more favorable policies on land leasing and tariffs.
PM Chinh welcomed their expansion plans, emphasizing the importance of environmental protection, domestic business linkages, and social welfare for workers. He instructed the Ministry of Finance and local authorities to explore preferential tax policies for priority investment areas, including high-tech, green, and clean technology projects, along with VAT refunds as per regulations.
The leader also encouraged the use of domestically produced materials to reduce production costs, enhance competitiveness, and empower Vietnamese businesses to elevate their production capacity and global supply chain participation.
Commending Hyosung’s century-long commitment to Vietnam, Chinh assured continued government support for the company’s investment, production, and business endeavors, fostering economic development and social responsibility in the country.
At the working session, Ho Tram Project Company Ltd., an ACDL subsidiary, presented their proposal for a 40km expressway connecting Long Thanh International Airport in Dong Nai province to the Ho Tram Urban Area in Ba Ria-Vung Tau province, estimated at 17 trillion VND (665.1 million USD). With this project, the company plans to invest an additional 1.8 billion USD into the Ho Tram area.
PM Chinh applauded the company, Ba Ria-Vung Tau, and other local authorities for their swift action in materializing this idea. He emphasized the expressway’s strategic importance, connecting not just Ba Ria-Vung Tau and Ho Tram to Vietnam’s largest airport but also to key regions across the country and the world.
The leader urged the company to collaborate closely with local authorities to expedite the project’s implementation and opening to traffic. He also encouraged them to expand their investment footprint, transforming Ho Tram into a prominent international tourism, resort, exhibition, and conference hub.
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