South Korean builder Daewoo Engineering & Construction has joined hands with Vietnam’s state-run constructor CC1 for partnership, the firm said Monday.
The two firms signed a memorandum of understanding Friday at the Daewoo E&C headquarters in Seoul, agreeing to exchange information on bidding and projects in Vietnam.
CC1 Vice President Nguyen Duc Dung (left) and Daewoo E&C’s chief of the new business division Kim Chang-hwan pose for a photo during a MOU-signing ceremony in Seoul on Friday. (Daewoo E&C)
Based on its experience and expertise in domestic and overseas markets, Daewoo E&C said it would seek new business opportunities in Vietnam in the fields of infrastructure, real estate, oil and gas construction.
CC1 -- Construction Company No. 1 -- is run by Vietnam’s Ministry of Construction, which has conducted projects ranging from real estate development to renewable energy over the past 40 years.
“Business cooperation with CC1 is part of Daewoo E&C’s effort to seek new business growth. We will continuously expand our ‘value chain’ by developing new business and equity investment,” said a Daewoo E&C official.
In 2016, Daewoo E&C won the $2.2 billion Starlake project in Hanoi, which aims to build a Korean-style 1.8 million-square-meter urban complex near West Lake, 5 kilometers from Hanoi City Hall.
By Kim Da-sol (
ddd@heraldcorp.com)
