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Korean builders association explores new opportunities in Vietnam

July 10, 2024 - 19:12 By Hwang Joo-young
Delegation members of the Korea Housing Builders Association, led by Chairman Jung Won-ju (fifth from left), meet with Vietnam’s Deputy Prime Minister Tran Luu Quang (center) in Hanoi, Vietnam, on Tuesday. (Korea Housing Builders Association)

The Korea Housing Builders Association said Wednesday that its special delegation is visiting Vietnam this week to explore new opportunities in the Southeast Asian country where diverse development projects are underway to boost the vibrant economy.

The delegation consists of 13 members, led by Chairman Jung Won-ju, who doubles as chairman of Daewoo Engineering & Construction. They departed for the seven-day trip on Saturday, during which they plan to meet with government and business leaders there.

The association, founded in 1985, promotes the rights and interests of member companies. Currently, its membership stands at about 10,000.

As part of the itinerary, the delegation met with Vietnam’s Deputy Prime Minister Tran Luu Quang on Tuesday. During the meeting, they discussed the construction of large-scale quality housing in Vietnam, including rental housing for low-income workers.

“Korean companies’ new city development projects significantly contribute to Vietnam’s socio-economic development,” the PM was quoted as saying. “I hope Korean companies generate synergy with Vietnamese companies in various fields.”

Korea Housing Builders Association Chairman Jung Won-ju (center), who doubles as chairman of Daewoo Engineering & Construction, speaks during a meeting with officials from the Bank for Investment and Development of Vietnam on Tuesday. (Korea Housing Builders Association)

On the same day, the delegation also met with Le Ngoc Lam, manager of the Bank for Investment and Development of Vietnam, to establish relations with the bank and enhance cooperation with local financial institutions for overseas construction projects. Additionally, they met with Pham Ngoc Thanh, chairman of Taseco Group, which has collaborated with Daewoo E&C on various projects in Vietnam.

The itinerary also featured visits to local sites in Vietnam, including Hanoi's Starlake City, Daewoo E&C’s massive new town development project.

The association said the latest trip aims to explore new opportunities in overseas markets, expanding beyond the saturated domestic market.

“Thus far, overseas construction projects have largely been dominated by big corporations. We aim to create new opportunities for our 10,000 member companies that have nurtured their competitiveness,” an association official said.

“Through this trip, we will closely examine the conditions for entering the Vietnamese housing market and provide practical and accurate information to our member companies interested in overseas expansion.”

The delegation will return to Korea after meeting with local developers, including Sun Group and Sunset Town, on Thursday.