Long Son Petrochemicals Company Limited (LSP), the biggest petrochemical complex in Vietnam, will begin commercial operations from October this year.

Thailand’s Siam Cement Group (SCG) Chemicals, the parent company of LSP, on Thursday released its business performance in the first half of this year.

The firm revealed that LSP was projected to generate revenue of VND15 trillion (US$592.8 million) this year and VND38 trillion ($1.5 billion) by 2025.

The petrochemical complex was initially scheduled for commercial operations in the second quarter of this year.

However, it grappled with a technical problem during its trial operation early this year, resulting in its suspension from March to June this year to remedy the problem and improve its operation capacity.

The complex, when put into commerical operation, will supply plastic pellets to the domestic and global markets.

The global economic downturn and oversupply will be great challenges for the project, according to SCG.

LSP, covering 464 hectares of land in Ba Ria - Vung Tau Province, a neighbor of Ho Chi Minh City, is the first integrated petrochemical project in Vietnam.

In vietnam, SCG’s revenue totaled nearly VND16.4 trillion ($656 million) in the first six months of this year, rising 12 percent over the year-ago period.

Thammasak Sethaudom, president and CEO of SCG, said SCG’s performance in the second quarter of this year was better than that in the previous quarter.

The group yielded VND88.38 trillion ($3.5 billion) in total revenue and VND2.6 trillion ($102 million) in profit of last quarter, up three and 53 percent, respectively, over the previous quarter.

Its revenue hit VND174 trillion ($7 billion) in the first half of 2024.

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