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Vietnam Petrochemicals Report 2008 (Business Monitor International)
- Market: Energy and Utilities
- Published Date: 24/09/2008
- Report Title: Vietnam Petrochemicals Report 2008
- Table of Contents: View Table of Contents
- Report Type: Market Report
- Country: Vietnam
- Number of Pages: 36
Industry Overview
Vietnam was admitted to the World Trade Organisation (WTO) in January 2007. With this, many existing restrictions on several sensitive products, including petrochemicals, are likely to be removed. The country will also benefit from the removal of the textile quotas under the WTO. Several projects for the production of polyethylene (PE), polypropylene (PP) and polystyrene (PS) are either in the planning stage or presently under way. Leading players in the petrochemicals industry include Vietnam Oil and Gas Corporation (PetroVietnam), Vietnam Chemical (Vinachem) and Malaysia-based Petronas.
Company Developments
In 2006, the Vietnamese government had announced investment plans to the tune of US$6.8bn for the development of the petrochemicals industry. In August 2007, Singapore-based SP Chemicals received in-principle approval to build infrastructure for the Hoa Tam Petrochemical Industrial Zone and an oil refinery in the southern province of Phu Yen. SP Chemicals intends to invest a total of US$11bn along with its partners for developing the two projects. In August 2007, Taiwan-based Formosa Plastics Group (FPG) announced that it will increase its investments by US$488mn to launch a second-stage expansion project in Vietnam. In April 2007, PetroVietnam and partner Japanese company Idemitsu were allowed to speed up the work on the Nghi Son refinery and petrochemicals industrial complex project. In March 2007, Malaysia’s leading formalin and industrial adhesive resin producer Sepangar Chemical announced plans to build its first facility in Vietnam in the petrochemicals area of Haiphong’s Dinh Vu industrial zone. In January 2007, PetroVietnam received a licence to build a PP facility in the Dung Quat Economic Zone.
Foreign Direct Investment
According to the Ministry of Planning and Investment, in Q107, Vietnam attracted more than US$2.5bn in foreign direct investment (FDI), an increase of 22% y-o-y. The Republic of Korea emerged as the largest investor in Vietnam in Q107 with a total registered capital of US$486mn, followed by Singapore at US$476mn. Vietnam has raised its FDI target for 2006-10 to US$55bn, with focus on hi-tech industries. In 2006, it received US$10.2bn in foreign investment, far above the original target of US$6.5bn set by the government.
Vietnam was admitted to the World Trade Organisation (WTO) in January 2007. With this, many existing restrictions on several sensitive products, including petrochemicals, are likely to be removed. The country will also benefit from the removal of the textile quotas under the WTO. Several projects for the production of polyethylene (PE), polypropylene (PP) and polystyrene (PS) are either in the planning stage or presently under way. Leading players in the petrochemicals industry include Vietnam Oil and Gas Corporation (PetroVietnam), Vietnam Chemical (Vinachem) and Malaysia-based Petronas.
Company Developments
In 2006, the Vietnamese government had announced investment plans to the tune of US$6.8bn for the development of the petrochemicals industry. In August 2007, Singapore-based SP Chemicals received in-principle approval to build infrastructure for the Hoa Tam Petrochemical Industrial Zone and an oil refinery in the southern province of Phu Yen. SP Chemicals intends to invest a total of US$11bn along with its partners for developing the two projects. In August 2007, Taiwan-based Formosa Plastics Group (FPG) announced that it will increase its investments by US$488mn to launch a second-stage expansion project in Vietnam. In April 2007, PetroVietnam and partner Japanese company Idemitsu were allowed to speed up the work on the Nghi Son refinery and petrochemicals industrial complex project. In March 2007, Malaysia’s leading formalin and industrial adhesive resin producer Sepangar Chemical announced plans to build its first facility in Vietnam in the petrochemicals area of Haiphong’s Dinh Vu industrial zone. In January 2007, PetroVietnam received a licence to build a PP facility in the Dung Quat Economic Zone.
Foreign Direct Investment
According to the Ministry of Planning and Investment, in Q107, Vietnam attracted more than US$2.5bn in foreign direct investment (FDI), an increase of 22% y-o-y. The Republic of Korea emerged as the largest investor in Vietnam in Q107 with a total registered capital of US$486mn, followed by Singapore at US$476mn. Vietnam has raised its FDI target for 2006-10 to US$55bn, with focus on hi-tech industries. In 2006, it received US$10.2bn in foreign investment, far above the original target of US$6.5bn set by the government.
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