Betolar Plc: Betolar has signed its first commercial agreement in Vietnam with Trung Hieu Development Corporation to use the Geoprime® solution

Betolar Plc

Company Release/Inside Information
30.6.2022 at 8:15 AM EET

Betolar Plc: Betolar has signed its first commercial agreement in Vietnam with Trung Hieu Development Corporation to use the Geoprime® solution

Betolar and the Vietnamese concrete block manufacturer Trung Hieu Development Corporation have signed a five-year commercial agreement to use the Geoprime solution in the production of low-carbon, circular economy concrete products. The agreement is Betolar's first in the Vietnamese market.

“Vietnam is the world’s third largest cement producer and fourth largest cement consumer, with 85 million tons annually. We estimate that the Vietnamese market represents significant commercial potential for us in the coming years due to the huge potential for cement replacement,” says Mr. Juha Pinomaa, Betolar's Head of Asia.

Trung Hieu is serving the fast growing Ho Chi Minh City construction market. Trung Hieu is a manufacturer of construction blocks and paving stones, with the production capacity of manufacturing 100 million blocks i.e 120 000 tons per year. Based on the agreement, Trung Hieu will have the right to use the Geoprime solution in the manufacture of its concrete products. The agreement enables manufacturing with up to 80% less CO2 emissions on raw materials by using local industrial side streams.

Trung Hieu benefits from Betolar's continuous product development, expert services and data support in the manufacture of the products. It also has the right to use the Geoprime trademark in its products manufactured in accordance with the concept.

“It is important for us to be able to offer low-carbon concrete products as the demand for sustainable concrete products is growing rapidly.  We will collaborate with Betolar to move our manufacturing fully to low-carbon concrete products during 2023,” says Ms. Luyen Nguyen, CEO and Owner of Trung Hieu.

The Vietnamese government is driving a shift from traditional red bricks to cement based concrete blocks that are produced without heat. The target set by the government is that 40–45% of the total annual production of 26 billion construction bricks would be produced as concrete bricks by 2030.

“We can promote the local circular economy and accelerate Vietnam’s sustainable development efforts by offering directly cement-free alternatives. The Vietnamese steel and energy industry generates large amounts of steel slag and fly ash as side streams, which can be used for Geoprime-based concrete,” says Juha Pinomaa.

Betolar Plc

More information:

Matti Löppönen, CEO, Betolar Plc, tel. +358 50 306 6335, matti.lopponen@betolar.com
Riikka Ylikoski, CFO, Betolar Plc, tel. +358 40 828 2632, riikka.ylikoski@betolar.com
Juha Pinomaa, Head of Asia, Betolar, tel. +358 40 5000281, juha.pinomaa@betolar.com

Certified Advisor:

Skandinaviska Enskilda Banken AB (publ) Helsinki Branch, tel. +358 9 6162 8000

About Betolar Plc

Betolar Plc is a Finnish materials technology company that offers the production of sustainable and low-carbon concrete with the Geoprime® solution. The solution converts several previously unused high-volume industrial side streams into a substitute for cement.

Betolar's innovation can significantly reduce CO2 emissions at a competitive cost compared to conventional cement-based concrete manufacturing, leveraging the existing manufacturing processes. Betolar’s mission is to enable the green transformation of various industries globally, especially in the construction, process and energy industries by providing solutions to utilize its unique materials technology.

Betolar was founded in 2016 and is headquartered in Kannonkoski, Finland. Betolar is listed on the Nasdaq First North Growth Market. More information: https://www.betolar.com/

About Trung Hieu

Trung Hieu Investment and Development Corporation was founded in 2013 with an emphasis of manufacturing and utilizing environmentally friendly materials in construction. The main focus of the company is the manufacturing of high-quality construction blocks to the South Vietnamese construction market. The company’s headquarters are in Binh Duong Province and the factory in Dong Nai province.

Construction blocks are manufactured with modern production lines with the focus on product standards and continuous quality improvement. The manufacturing capacity is 100 million blocks per annum. More information: www.gachkhongnungtrunghieu.com, trunghieucorporation@gmail.com