At the signing ceremony (Photo: sggp.org.vn)

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

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

Hyundai Elevator committed to providing products at competitive prices for Hoa Binh and assist the group in bidding for big contracts.

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

The Vietnamese group’s shareholders general meeting has approved the issuance of these shares. Proceedings collected from the issuance of the shares will be used to supplement capital for production and business activities of Hoa Binh.

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

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

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