General Director DwiSutjipto revealed the expansion has been submitted to the Indonesian Ministry of State Owned Enterprises for approval and will be formalised at a Jakarta dialogue between ten leading Indonesian businesses and 20 major Vietnamese enterprises during State President Truong Tan Sang’s current visit to Indonesia.
SMGR wants to step up its operations in Vietnam and transform the country into a key Southeast Asian cement market, said Sutjipto.
He noted Vietnam’s encouraging business climate and security and pinned high hopes on President Sang’s ongoing Indonesian visit delivering with its expected boost to bilateral economic ties.
Since establishing its presence in Vietnam earlier this year, SMGR has invested 1,500 billion rupiah in a 70 percent stake in Thang Long Cement Company. The firm now has one plant in northern Vietnam and one in the south, which are capable of producing a total of 2.3 million tonnes of cement per annum.