The Thai reported revenue of $15.1 billion, down 3 per cent on-year, and an adjusted earnings before interest, taxes, depreciation, and amortisation of $1.7 billion, an annual increase of 6 per cent, while reducing debt by $428 million. Actual sales declined by 3 per cent, but due to the Thai baht appreciating by around 7 per cent, sales appear increased when reported in USD.

These results reflect decisive actions taken throughout the year to streamline operations, exit underperforming businesses, and implement comprehensive cost-saving initiatives, delivering total annual savings of approximately $131 million.

SCG HAS introduced its 2026 strategic direction under the theme “Intensified –⁠ Strengthened –⁠ Reinforced –⁠ Resilient.” The focus will be on maintaining strong financial discipline, building organisational strength, and investing in products that deliver higher value and lower environmental impact, while positioning Vietnam as a key base for regional production and exports.

CEO Thammasak Sethaudom said, “2025 was a challenging year, marked by slower global growth, geopolitical uncertainty, and volatile energy prices, particularly for the petrochemical industry. Despite these pressures, SCG remained focused on cash flow management and operational efficiency, allowing us to stay healthy and reduce debt compared to the previous year.”

“As we move into 2026, we expect market conditions in the chemicals business to stabilise as new global supply slows. While challenges remain across many markets, Vietnam continues to show encouraging economic momentum. We see Vietnam not only as a growing domestic market, but also as a strategic operational base to support regional and global customers.”

Vietnam business highlights

In Vietnam, SCG delivered a stable performance in 2025, with total sales of $1.7 billion. A key milestone during the year was the Long Son Petrochemicals (LSP) complex returning to operations from August 2025, marking an important step in strengthening SCG’s industrial base in Vietnam.

With 28 subsidiaries nationwide, SCG Vietnam contributed more than $31.5 million to the state budget in 2025, reaffirming its long-term commitment to supporting Vietnam’s economic and industrial development.

Kulachet Dharachandra, country director of SCG in Vietnam, said, “Our 2025 performance reflects SCG’s ability to stay resilient in a challenging environment, while remaining firmly committed to Vietnam’s sustainable growth. By focusing on ESG-driven operations and working closely with our partners, we are building a stronger foundation for long-term competitiveness –⁠ while creating real value for the economy, communities, and the environment.”

Strategic priorities

Aligned with the group’s direction, SCG has set four key strategic priorities for Vietnam in 2026. First is to intensify financial discipline. The group focuses on maintaining healthy cash flow and disciplined capital investment, while continuing to reduce costs through better energy efficiency, automation, and the use of new technologies.

Second is to strengthen organisational capabilities. The group will advance the Regional Optimisation Strategy by leveraging the synergy between Thai and Vietnamese operations –⁠ leveraging shared markets, complementary product portfolios, and best practices. People development remains a priority, supported by wider use of digital tools, robotics, and AI to raise productivity.

Third is to reinforce long-term growth engines. The group aims to capture market potential driven by Vietnam’s ambitious GDP growth targets. A key focus is the $500 million Ethane Feedstock Enhancement Project at LSP, aimed at enhancing feedstock flexibility and cost competitiveness. The venture is progressing as planned and is expected to be completed by the end of 2027.

Fourth is to stay resilient and ready by continuously assessing opportunities and risks to ensure rapid responses to changing business and economic conditions.

Commitment to ESG

Alongside operational progress, SCG reinforced its sustainability leadership through active participation in industry forums and the sharing of best practices. These efforts were recognised in 2025, with SCG and 7 member companies, including Vina Kraft and SIX companies under Prime Group –⁠ honoured among the Top 100 Sustainable Enterprises 2025.

This year, Duy Tan Plastics also received a hat-trick of sustainability awards, including Green Enterprise of Ho Chi Minh City by Sai Gon Giai Phong Newspaper, Vietnam ESG Awards –⁠ Enterprises Pioneering in Circular Economy by Dan Tri Newspaper, and National Green ESG Enterprise by the Institute for Sustainable Development Research.

Binh Minh was also honoured as a Green Enterprise of Ho Chi Minh City by Sai Gon Giai Phong Newspaper.

Beyond awards, SCG’s ESG focus delivered real benefits to people and communities. SCG provided VND1.7 billion ($65,600) in scholarships to 160 students through the SCG and LSP Sharing the Dream programmes and delivered vocational training for 50 students with disabilities via the SCG Learn to Earn project, in collaboration with DrD and HaliCare.

SCG remains committed to delivering sustainable returns to shareholders while strengthening long-term competitiveness and sustainability in every community where it operates.

SCG maintains strong cash flow and drives low-carbon growth in Q3 SCG announced a resilient performance in the third quarter of 2025, maintaining strong cash flow despite global economic headwinds.

SCG initiative addresses social inclusion and inequality SCG, in collaboration with social enterprise Disability Research and Capacity Development (DrD) and social impact enterprise HaliCare, is continuing to implement the “SCG Learn to Earn – Empowering Skills, Creating Sustainable Livelihoods” project.

SCG enhances production and distribution in Vietnam Amid increasing competition in Vietnam’s chemicals and construction materials sector, Thailand’s Siam Cement Group, investor and developer of the $5 billion Long Son Petrochemicals Complex, has been optimising production, distribution, and market access.

How do you feel about having your name placed alongside the world’s most illustrious female leaders?

The award came as a complete surprise. Women’s Tabloid learned about me through the merger of FV with Thomson Medical Group. To be honest, I’ve always focused solely on my work and have always considered myself a member of the FV family. Standing at the awards ceremony in Dubai, looking at the list of winners from the US, France, Europe…, I truly felt the honour of having my efforts at a Vietnamese hospital recognised internationally.

Tran Le Quyen was honoured as “Best Emerging Woman CFO in Healthcare 2025” at the Women’s Tabloid Award 2025 ceremony in Dubai.

You joined FV in 2002. When you started, what direction did you envision?

At that time, there were no established financial frameworks for an international hospital in Vietnam. But from the very beginning, through my training and work in the US, I have identified one thing very clearly: “Managing cash flow and business success are paramount in the job of a chief financial officer”. I view finance as a tool to help hospitals operate better.

In the hospital business, “products” are not goods, but come from doctors, nurses, medical equipment, and are used to serve patients. I was involved in building the system, from medical record software and IT systems related to finance and accounting, to how to record expenses and revenue for each actual hospital activity.

The FV financial system is built from the bottom up, and every figure in the report accurately reflects what is happening in each department. That mindset later shaped FV’s entire financial system.

How difficult were the early years?

For the first four years, the financial situation was very stressful. Private hospitals were a relatively new concept in Vietnam at that time, and it took a very long time for patients to trust them.

FV obtained financing from the International Finance Corporation, a member of the World Bank Group. They set extremely stringent reporting standards regarding transparency, timeliness, and accuracy. Although Vietnam did not yet have clear standards for private hospital finance at that time, FV’s financial system followed international standards from the beginning.

When was the first milestone you took real pride in?

That was the debt restructuring programme in 2007. It might not sound appealing, but for FV at that time, it was vital. The programme helped FV save approximately $13 million out of a total investment of $44 million. That figure significantly reduced the financial burden, allowing the hospital to continue its stable growth.

What is your general assessment of hospital finance?

The hospital sector is arguably the most complex of all sectors. Other industries may produce a similar product, with a nearly fixed cost structure. Hospitals are different. When performing surgery on a patient, each surgical procedure depends on medical supplies, equipment, medications, as well as the skill of the doctor. Each doctor has a different working style, different surgical durations, and different treatment indications.

Even patients are affected: some only need simple intervention, while others have multiple underlying conditions, longer treatment times, and varying costs.

Building a price framework that is both competitive and transparent, while covering actual costs and ensuring returns for investors is a very difficult problem. To solve this problem, the financial system must be extremely detailed and closely aligned with the actual operations of each department.

“When hospital finances are done correctly, they contribute to improving the quality of treatment and even saving more patients’ lives,” Tran Le Quyen, CFO of FV Hospital.

Financial decisions can have a significant impact on the quality of treatment. How does FV solve this problem?

From the very beginning, FV has set a mission to put the patient at the centre. I am very proud to say that we have never allowed finances to interfere with our doctors’ prescriptions.

There are many ways to increase profits, such as increasing testing, shortening hospital stays to rotate hospital beds faster, and choosing cheaper supplies. But FV didn’t do that. All professional decisions rest with the medical boards. The role of finance is to optimise processes and procurement so that doctors have the best conditions to treat patients.

FV is one of the most expensive hospitals in the industry, yet its service prices have remained stable for many years, even when exchange rates are constantly fluctuating. What does the finance department do to reconcile these two factors?

This is a problem that FV’s finance department has to solve every day. We have a detailed reporting system down to each department, and I also directly negotiate with many major suppliers and strategies to secure the best equipment purchase prices and terms. Most importantly, our hospital knows how to balance prices and high-quality treatment processes to attract enough patients to share depreciation so that the hospital can recoup its investment within the planning period or sooner.

For example, at the time we invested over $5 million in the Hy Vong Cancer Centre at the end of 2018, the centre’s revenue was only about $2 million per year. To date, thanks to a strategy of optimising equipment and treatment quality at affordable price, that figure has exceeded $10 million per year.

FV has equipped itself with the Da Vinci Xi robotic surgical system, worth over $3 million.

FV has also invested in the state-of-the-art Da Vinci Xi robotic surgical system, a leading technology in Southeast Asia. Robotic surgery offers many benefits but is not cheap; we are working with suppliers to offer attractive prices for patients to experience robotic treatment after the Lunar New Year 2026.

FV’s merger with Thomson Medical Group is considered one of the most high-profile M&A deals in the private healthcare industry. How did you feel when the deal was finalised?

When the deal was finalised, it was truly a “wow” moment. In fact, it is the result of nearly three years of preparation and over 20 years of building the financial system.

FV confidently chose to auction off the property to multiple investors simultaneously. Thanks to our detailed financial system spanning 60 departments, we can provide all the information investors need. They saw not just the assets, but a well-functioning, transparent, and scalable operating system. I am very proud that Thomson has such high regard for FV’s financial system.

After more than 20 years working in healthcare finance, how would you define your role?

The CFO is a partner with the company in building a sustainable financial foundation. That requires high EQ, a willingness to accept challenges, and a spirit of continuous learning, including the application of AI.

If the finances are done correctly, this will not only help hospitals grow, but also directly contribute to improving the quality of treatment and even saving more lives.

Tran Le Quyen joined FV in 2002 as a financial analyst. Since 2010, she has held the position of CFO at the hospital. After eight years back in the US with her family, she returned to FV to take on this position from 2017 to the present. She made a significant contribution to the successful M&A deal of $382 million in Vietnam’s healthcare industry with Thomson Medical Group in 2023. She is one of four female leaders from Vietnam have been honoured by Women’s Tabloid Magazine with the Women’s Tabloid Award 2026, alongside CEO Mai Kieu Lien (Vinamilk), CEO Le Hoang Diep Thao (TNI Corporation), and COO Ruby Hoang (Cho Tot).

Thomson Medical Group announces FV Hospital as member On January 17, the Singaporean Thomson Medical Group announced that FV Hospital has become a member after an acquisition deal worth VND9 trillion (around $380 million).

FV Hospital and O2 Healthcare Group set up first regional Thoracic Surgery Centre FV Hospital, a member of Thomson Medical Group, signed a memorandum of cooperation on August 15 with Singapore’s O2 Healthcare Group, a member of OUE Healthcare Limited, to set up the first regional Thoracic Surgery Centre in Vietnam.

FV Hospital’s integrated care model proves comprehensive and effective The intensive care unit (ICU) is often seen as the frontline in the battle for patients’ lives, where the collaboration between multiple specialities determines success. At FV Hospital, a multidisciplinary, comprehensive care model has demonstrated remarkable effectiveness in treating critically ill patients.

At a conference held on January 22, the Ministry of Health (MoH) gathered feedback on a draft decree regulating cosmetics management, as part of efforts to modernise oversight and align it with current market realities.

Speaking at the event, Deputy Minister of Health Nguyen Tri Thuc underscored that cosmetics are essential consumer products which, beyond enhancing appearance, directly affect public health, consumer rights, and quality of life.

Photo: MoH

“Current practices pose many challenges to state management of cosmetics, as well as to the compliance with legal regulations by organisations and individuals producing and trading cosmetics,” he said.

Circular No.06/2011/TT-BYT on cosmetic management, issued 14 years ago, is considered outdated. As a result, on December 4, the MoH submitted a draft decree on cosmetic management to the government, incorporating feedback from multiple agencies and organisations on regulatory scope, product notifications, post-inspection, business conditions, and the balance between state oversight and a favourable business environment.

The draft aims to ensure consumer safety, promote voluntary compliance among businesses, and reduce the regulatory burden on management agencies.

Deputy Minister of Health Nguyen Tri Thuc. Photo: MoH

“The improvement of institutional frameworks and legal regulations prioritises protecting the health of the people,” said Thuc.

At the conference, experts and representatives from ministries, agencies, local health departments, and business associations shared scientific evidence and practical experience to inform the draft decree. Key discussions covered global and domestic cosmetic management practices, the draft’s constitutionality and feasibility, product declarations, and the certification of cosmetic manufacturing facilities in line with Good Manufacturing Practice standards.

They also exchanged views on potential issues that could arise if the draft decree on cosmetic management is approved, and proposed measures to address them.

The deputy minister called for further refinement of the draft towards a more modern and transparent framework, with a clear shift from pre-inspection to post-inspection and stronger accountability. He also stressed the need to align with international commitments, particularly the ASEAN Harmonisation Agreement on Cosmetic Management, and to reflect industry practices and development needs in the new phase.

The conference provides an important basis for the Ministry of Health to continue a thorough review of the draft, ensuring it is consistent, coherent, feasible, and aligned with the prime minister’s direction on administrative procedure reform.

French cosmetics retailer Sephora enters Vietnam World-renowned cosmetics retailer Sephora has officially entered the Vietnamese market via an e-commerce channel, rather than through a traditional brick-and-mortar store.

Rohto-Mentholatum Vietnam takes over Naris Cosmetics Rohto-Mentholatum Vietnam has completed the purchase and sale agreement and change of ownership of Naris Cosmetics Vietnam.

Korean cosmetics capturing hearts Vietnam’s cosmetics segment is thriving as South Korean brands leverage the rising influence of its culture to meet the growing demand for high-quality beauty products.

DAV rolls out new plan to combat counterfeit drugs and cosmetics The Ministry of Health has ordered the recall of multiple cosmetics products after recent quality control failures, reaffirming its commitment to safeguarding public health.

As Vietnam deepens its global integration, agricultural businesses are facing increasingly stringent sustainability requirements from major export markets such as Europe, the US, Canada, and Australia. Demands for transparency and sustainable development across supply chains are no longer optional – they have become decisive factors for market access and long-term partnerships.

To accompany Vietnamese enterprises on this journey, the government of Switzerland has funded the GEVA project – Green Export Acceleration through Voluntary Sustainability Standards, an initiative spearheaded by KisStartup.

The project operates within the SwissTrade programme, funded by the Swiss government through the State Secretariat for Economic Affairs (SECO) and jointly managed by the International Trade Centre (ITC) and Vietrade under the Ministry of Industry and Trade. Running from April 2025 to April 2026, GEVA focuses on strengthening the international competitiveness of businesses in the spice, coffee, and nut sectors.

Incubating green exports

GEVA’s core mission is to help Vietnamese agricultural enterprises understand and effectively adopt the model – regarded as the passport for agricultural products to enter developed markets. Through this, businesses not only meet international buyers’ requirements but also build sustainable business models that enhance long-term competitiveness.

The project comprises four key components. Businesses can access greenexport.vn to self-assess their export readiness, compliance, and adaptability towards green business models. Upon completion, they receive a detailed report highlighting strengths and areas for improvement, enabling them to design a roadmap for international market entry.

This is Vietnam’s first digital toolkit designed for such comprehensive measurement, allowing enterprises to track progress over time and continuously improve.

Secondly, GEVA has organised multiple training sessions on green exports and sustainable business models in Hanoi, Ho Chi Minh City, and Ben Tre, attracting over 400 participating enterprises. The programme will soon expand to Dak Lak and Gia Lai, bringing practical tools and knowledge closer to local farmers and businesses, particularly in the coffee, pepper, and cashew industries.

The third aspect is a green export incubation and acceleration programme, GEVA’s most distinctive component. Twenty-three selected enterprises will participate in a six-month incubation and acceleration journey.

The training and consulting content is tailored to each enterprise, based on real data collected through interviews, on-site assessments, and the online toolkit. Each enterprise will receive weekly one-on-one mentoring from experts to address challenges in production, business, and implementation.

During the programme, businesses also review and adjust their business models towards sustainability – fostering internal transformation instead of passive compliance with buyer requirements. Moreover, enterprises will receive guidance on export branding to prepare for exporting under their own labels rather than merely supplying raw or semi-processed materials.

Finally, GEVA organises hybrid (in-person and online) business networking events connecting Vietnamese exporters with importers in key markets such as the EU, the US, Canada, ASEAN, and the Middle East.

For example, during the Vietnam International Sourcing Expo 2025, GEVA collaborated with the Vietnam Pepper and Spice Association to host a trade connection booth. Seventeen participating enterprises showcased their products and joined seven business-to-business sessions, generating potential partnerships with nearly 70 international buyers.

A testing ground for green exports

GEVA stands out for its strong emphasis on practical application and comprehensive enterprise support. Participating businesses not only gain in-depth knowledge on green exports, sustainable business models, and compliance but also receive personalised one-on-one consulting from experts who guide implementation directly within their production and business processes.

Enterprises also have access to a network of international buyers, distributors, and partners in high-demand markets. They can use the online toolkit free of charge to continually measure and improve their readiness for green exports. These benefits equip them not only to seize immediate opportunities, but also to build long-term, sustainable growth foundations.

KisStartup, the implementing organisation, emphasises that GEVA is more than technical assistance – it is a journey of partnership supporting Vietnamese enterprises through their green transformation and export acceleration.

“We encourage Vietnamese agricultural businesses, especially in the spice, coffee, and nut sectors, to actively participate and take advantage of the resources provided by SwissTrade, SECO, ITC, and KisStartup. This is a golden opportunity to break through, position your brands internationally, and contribute to building the image of a green, clean, and sustainable Vietnamese agriculture,” a KisStartup representative shared.

GEVA also serves as a testing model for green export incubation and acceleration – a first-of-its-kind initiative in Vietnam. After the initiative concludes, KisStartup is committed to maintaining and developing this model as a service, ensuring its long-term sustainability and creating lasting value for the agricultural enterprise community.

Vietnam’s coffee heartland embraces green standards for global reach As the global marketplace tightens its environmental and social standards, Vietnam’s agricultural sector – particularly the Central Highlands, home to the nation’s iconic coffee – stands at a critical crossroads.

GEVA showcases sustainable agricultural products at Vietnam International Sourcing Expo The GEVA project showcased sustainable agricultural products and took proactive steps to expand international business connections at the Vietnam International Sourcing Expo 2025.

Voluntary Sustainability Standards pave way for Vietnam’s agricultural exports A single rejected shipment can take years for an exporter to rebuild trust with international partners, and may even tarnish the reputation of an entire sector. By contrast, exporters that consistently meet required standards can benefit from “green lane” clearance, enjoying faster inspections and lower logistics costs.