While global market conditions remain challenging, this restart reflects LSP 's proactive approach to seize an operational window while maintaining ongoing assessment of market movements.

In parallel, the company is progressing with the LSP Enhancement (LSPE) project, a $500 million investment scheduled for completion in 2027. This strategic initiative will incorporate ethane into the existing naphtha and propane feedstock mix, aiming to cut operating costs by over 30 per cent, lower greenhouse gas emissions, and enhance long-term competitiveness and sustainability.

Key components of the LSPE project include importing 1 million tonnes per annum of ethane from the US, utilising five 50,000-ton Very Large Ethane Carriers for transportation, constructing two cryogenic ethane storage tanks with a capacity of 55,000 tons each, and upgrading facilities to enable up to 70 per cent ethane usage, while maintaining feedstock flexibility with naphtha and propane.

Kulachet Dharachandra, general director of LSP, explained, “The petrochemical market in the second half of the year remains volatile and highly competitive. However, the slight improvement in product-to-feedstock spreads, driven by softer crude oil prices, provides an opportunity to restart and confirm our operational readiness. This decision ensures we remain engaged with customers and supply chains.”

He added, "Ethane diversification is a critical step in strengthening our long-term competitiveness. The project is expected to create more than 1,000 jobs during construction, delivering direct economic benefits to Long Son commune. In addition, the long-term ethane supply agreement will further deepen trade and economic ties between Vietnam and the United States."

While industry conditions remain uncertain, LSP will focus on operating safely and efficiently, supporting its workforce, and collaborating closely with stakeholders. Backed by strong government and parent company support, LSP remains committed to contributing to Vietnam's industrial self-sufficiency and sustainable economic growth.