RoK constructors parachute into VN
VGP - An increasing number of the Republic of Korean (RoK) construction companies have sought business opportunities in Việt Nam, a country of rapid development and construction boom. An official from the Korean Construction Association remarks that his country’s constructors are competing with foreign rivals to gain greater market shares in Việt Nam.
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RoK constructors are competing with foreign rivals to gain greater market shares in Việt Nam – Illustration photo |
In January 2006, a conglomerate of five companies - Daewoo, Kolon, Keangnam, Daewon and Dongil - won a US $1-billion contract to build a new urban quarter in Hà Nội, kick-starting a 1996 project interrupted by the Asian financial crisis in 1997-98.
In December of the same year, the Posco Construction & Engineering Company and Việt Nam’s Vinaconex were licensed to build the An Khánh new urban quarter, worth of US $1.4 billion, in Hà Tây Province. The project will be finished by 2020.
After a 10-year break, the Kumho Asiana Group has begun building the US $260-million Kumho Asiana Plaza trade center in Hồ Chí Minh City.
Other RoK construction companies such as Lee & Co, Daewon and Hanshin, are also speeding up a series of projects on apartments and villas in Việt Nam.
The RoK’s electricity companies have shown their keen interest in investing into Việt Nam’s power sector. According to a survey conducted by the the Korean Electricity Association, Việt Nam tops the list of markets that catch power companies’ attention. The RoK Government has spent 25 billion won for surveying and seeking for investment opportunities overseas, including Việt Nam.
By Ngọc Vân
