Samsung Engineering Wins 620 Billion Won Plant Project in Vietnam

Samsung Engineering announced on June 28 that it signed a contract for 620 billion won worth of plant project in Vietnam.

The company said it signed an engineering, procurement and construction (EPC) contract with the Long Son Petrochemicals of Thailand for the Package B and Package C plants to be built in the Long Son Petrochemical Complex in Vietnam.

The top executives of each company attended the signing ceremony held in Bangkok, including Choi Sung-ahn, president of Samsung Engineering; Chonranat Yanaranob, president of Chemical in Siam Cement Group (SCG); and Tammasac Setudom, president of Long Son Petrochemicals.

The Long Son Petrochemical Complex is the largest petrochemical complex in Vietnam to be built in Vung Tau Beach, the southern coast of Vietnam.

The project, which is included in the Long Son Petrochemical Complex construction project, is to build the Package B plant that produces 450,000 tons of high density polyethylene (HDPE) and the package C plant that produces 400,000 tons of polypropylene (PP) per year.

Samsung Engineering is to conduct EPC alone in both of the projects. Completion of the project is scheduled for 2022.

The contract amount is about 620 billion won in total, including 340 billion won for the Package B plant and 280 billion won for the Package C plant.

With this order, Samsung Engineering achieved new orders worth 6.3 trillion won this year, surpassing three quarters of last year’s annual order amount of 8.5 trillion won.

The client, Long Son Petrochemicals, is a subsidiary of SCG, the largest private company in Thailand, and Samsung Engineering has already completed four projects with SCG.

A Samsung Engineering official said, "We will take this project as a bridgehead for our entry into Southeast Asia. We will continue to recover stable earnings and pursue growth based on the projects we have received recently."