Vinaconex seals cooperation deal with foreign partner hinh anh 1 At the signing ceremony of the MoU between Vinaconex and Hyundai E&C (Photo: VNA)

Hanoi (VNA) – The Vietnam Construction and Import-Export JSC (Vinaconex) and Hyundai Engineering & Construction Co. Ltd (Hyundai E&C), a subsidiary of the RoK-based Hyundai Motor, signed a memorandum of understanding on project development in Hanoi on May 20.

The two sides said they will engage in specific joint activities to realise the mutually beneficial collaboration.

Executive Vice President of Hyundai E&C Vincent Seo Sang Hoon said it is his company’s first cooperation deal sealed with a Vietnamese subcontractor. Currently, the company has signed collaboration pacts with about 5,000 subcontractors in other countries.

Vinaconex Chairman Dao Ngoc Thanh noted that the foreign partner wants to not only team up with Vinaconex in Vietnam but also be able to reach foreign markets together.

According to Thanh, the two companies will introduce potential projects to each other and jointly study the feasibility of their cooperation for a project.

Vinaconex owns and manages about 3.2 million sq.m of land in Vietnam, covering its 16 construction projects. Of the total land area, the company is renting some 3 million sq.m of land to construct seven projects.

Established in 1947, Hyundai E&C was listed among the world top 25 construction firms by the US magazine Engineering News-Record. It has so far set up representative offices in over 16 countries, including Vietnam.

In Vietnam, Hyundai E&C has participated in a number of projects, such as the Mong Duong 1 thermo power plant in Quang Ninh province, Bitexco Financial Tower in Ho Chi Minh City, and Song Gia Golf Resort in Hai Phong City.–VNA