Siam Cement halts operations at $5.4bn Vietnam petrochemical complex

Thailand's largest conglomerate says resumption will depend on 'global dynamic demand'

20241104 Siam Cement

Siam Cement Group's Long Son Petrochemicals complex in the southern Vietnamese province of Ba Ria-Vung Tau had only begun operating on Sept. 30. (File photo of the group's logo in Bangkok.)  © Reuters

HANOI (Reuters) -- Siam Cement Group, Thailand's largest industrial conglomerate, said on Monday it has suspended commercial operation at its $5.4 billion Long Son Petrochemicals complex in Vietnam after only one month due to "the chemicals' low margin."

The chemicals industry has been grappling with high inventory and destocking for the past few quarters, putting pressure on several companies.

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