Daewoo Engineering & Construction (Daewoo E&C) announced on May 31 that Daewoo E&C CEO Kim Hyung visited the Vietnamese Embassy in Jongno-gu, Seoul, Korea, on May 27 and met with Vietnamese Ambassador Nguyen Vu Tung to discuss expanding investment development projects in Vietnam and strengthening business cooperation.
Pham Viet Tuan, the Vietnamese investment officer in Korea and Kim Chang-hwan, head of Daewoo E&C's new business division, and working-level officials attended the meeting.
At the meeting, Daewoo E&C CEO Kim thanked Vietnam and saying, "Due to the continued support of the Vietnamese government since its first entry in 1992, Daewoo E&C has been able to successfully carry out its business in Vietnam."
"The company plans to actively participate in investment development projects in Vietnam, including the Star Lake City project currently underway and the Public-Private Partnership in the future," said CEO Kim. "So we ask for your continued interest and support from the Vietnamese Embassy in Korea."
"We are grateful that Daewoo E&C's entry into Vietnam has contributed to the development of the Vietnamese economy," said Vietnamese Ambassador Nguyen. "We will support the signing of a partnership between Korean companies and local companies that are trying to enter Vietnam and support Korean companies that are doing business in Vietnam."
"We hope that the COVID-19 Pendemic will end soon, and we hope that exchanges between the two countries will become more active," he said.
Daewoo E&C entered the Vietnamese construction market by establishing its Hanoi branch in 1991, before Korea and Vietnam established diplomatic relations. The company has been working on a project worth about $3 billion over the past 30 years.
It is currently working on a "Star Lake City" project to create a 2,104,281 square meter new town northwest of Hanoi's old city center.
"Vietnam is a promising investment country that is expected to successfully overcome COVID-19 Pendemic and record an annual economic growth rate of more than 6% over the next five years," said an official for Daewoo E&C. "The company plans to foster Vietnam as an overseas base market that can generate stable profits."
