UPDATE 1-INTERVIEW-Sumitomo Chem aims for S'pore, Vietnam growth

* looking at petchem investments in Singapore, Vietnam

* sees profit boost from high oil price in Saudi JV

* keen to expand Rabigh project with Saudi Aramco (Updates throughout)

By Daryl Loo

SINGAPORE, Nov 28 (Reuters) - Sumitomo Chemical, Japan's fourth-largest chemicals producer by market value, is looking at further investments in Singapore and Vietnam as it sees record oil prices boosting profits, its president told Reuters.

Sumitomo Chemical sees higher-than-expected profits from a joint venture in Saudi Arabia and is looking next to expand in Southeast Asia, which is seeing new petrochemical projects to tap growing Asian demand for plastics.

"We may make an investment in some of the downstream projects in Singapore. We are looking at a few projects," Sumitomo Chemical (4005.T) President Hiromasa Yonekura told Reuters in an interview in Singapore on Wednesday.

ExxonMobil Corp (XOM.N) and Royal Dutch Shell (RDSa.L) are both building petrochemical complexes in Singapore, competing with projects planned across Asia by firms such as China's Sinopec (0386.HK) and Indian Oil Corp (IOC.BO).

Sumitomo Chemical already has operations in Vietnam and is interested to expand in the fast-growing Southeast Asian country, Hiromasa said. Vietnam has approved a $1.5 billion petrochemical project from Singapore-listed SP Chemicals SINP.SI by 2014, and is seeking investors for the second phase to build more units.