Thai packaging paper company increases investment in Vietnam
Thailand’s SCG Packaging Plc (SCGP) will invest 11.79 billion baht (352.9 million USD) to develop a paper factory in its new production complex in northern Vietnam, which has grown into one of the region's major export centres, according to the Bangkok Post newspaper on September 21.
Bangkok (VNA) - Thailand’s SCG Packaging Plc (SCGP) will invest 11.79 billion baht(352.9 million USD) to develop a paperfactory in its new production complex in northern Vietnam, which hasgrown into one of the region's major export centres, according to the BangkokPost newspaper on September 21.
The investment, which will be made through itsVina Kraft Paper Co (VKPC), is aimed at increasing packaging paper productioncapacity by about 370,000 tonnes a year.
CEO of the SCGP Wichan Jitpukdee expected thenew production facility, which will be located in Vinh Phuc province, to startoperations in early 2024.
Demand for packaging paper and relatedpackaging products in the country is expected to increase by approximately 6-7percent a year during 2021-2024, according to the SCGP.
Since 2009, SCGP has rolled out its strategic investment plan inVietnam by establishing packaging paper production based in the south of thecountry through VKPC.
The company is a 70:30 joint venture between SCGP and Rengo Cofrom Japan.
SCGP is confident that it could earn 100billion baht this year from domestic and overseas businesses as well💝 as mergerand acquisition deals, despite the prolonged COVID-19 outbreak./.
The paper industry has potential for growth, but businesses need to avoid investment in products that have excess supply, according to the Vietnam Paper and Pulp Association (VPPA).
Demand for packaging paper was expected to grow 14-18 percent over the next five to ten years, according to the Vietnam Pulp and Paper Association (VPPA).
Thailand’s SCG Packaging (SCGP) is joining hands with its Vietnamese partners under an investment worth 10 billion THB (334 million USD) to expand its packaging solution business in Vietnam, where demand for packaging products is growing.
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Illustrative image (Photo: VNA) 
