Business

Vietnamese, RoK firms set up strategic partnership

Hoa Binh Construction Group (Hoa Binh) and the Republic of Korea (RoK)’s Hyundai Elevator Co., Ltd have agreed to become strategic partners.
Vietnamese, RoK firms set up strategic partnership ảnh 1At the signing ceremony (Photo: sggp.org.vn)

HCM City (VNA) – Hoa Binh Construction Group (Hoa Binh) and the Republic of Korea (RoK)’s Hyundai ElevatorCo., Ltd have agreed to become strategic partners.

The agreement was reached at a ceremony in Ho Chi Minh City onApril 23, under which the two sides will cooperate for mutual benefit.

Hyundai Elevator committed to providing productsat competitive prices for Hoa Binh and assist the group in bidding for bigcontracts.

The Korean business will chip in 25 millionshares, worth 575 billion VND (24.7 million USD), for Hoa Binh.

The Vietnamese group’s shareholders generalmeeting has approved the issuance of these shares. Proceedings collected fromthe issuance of the shares will be used to supplement capital for productionand business activities of Hoa Binh.

A representative of Hoa Binh said the strategicpartnership will contribute to boosting the group’s growth in various areas andimproving its strength and prestige both at home and abroad.

Hoa Binh is the only construction company inVietnam that has received the Vietnam Value award an impressive six times.

Hyundai Elevator is taking the lead in the RoK’s elevatorindustry, making up 44 percent of the market share. It has run its operationsin 65 countries worldwide. –VNA


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