"We're studying the petrochemical complex as Vietnam has high-quality oil and gas but has no olefins plants. The market is large enough for olefin products," SCG president Kan Trakulhoon yesterday told a seminar organised by the company.

Kan pointed out that the investment plan was in line with the group's goal of becoming one of the top companies in Asean by 2015.

Vietnam is a promising location for future projects, because it is expected to keep up its current pace of growth for the next 10 years, he said.

SCG also plans to invest more in the petrochemical business in Indonesia and in paper and cement businesses in Cambodia, Malaysia and the Philippines.

"This is the right time to invest overseas due to the strong baht. The investment will help weaken the baht," Kan said, adding that SCG was also trying to make advance payments on new projects to take advantage of the strong baht.

SCG plans to increase the value of products and services to counter the effect of the baht's rise: every Bt1 increase against the US dollar cuts profits by Bt700 million to Bt1 billion.

It will hire 5,000 more employees in the next five years to support its expansion - 3,000 from the countries it invests in and 2,000 Thais to work here and abroad.