Daewoo E&C joins forces with Vietnam’s state builder to expand business

2019.08.26 14:57:06

Daewoo E&C and Vietnam builder CC1 officials pose for a photo after signing a business agreement in Seoul on Aug. 23, 2019. [Photo provided by Daewoo Engineering & Construction Co.]이미지 확대

Daewoo E&C and Vietnam builder CC1 officials pose for a photo after signing a business agreement in Seoul on Aug. 23, 2019. [Photo provided by Daewoo Engineering & Construction Co.]

South Korea’s Daewoo Engineering & Construction said Monday it has signed a comprehensive partnership with Construction Corporation No. 1 (CC1), a Vietnamese state-run builder to jointly explore business opportunities in Vietnam and across the Southeast Asian market.

The two will cooperate on construction projects in various areas spanning across infrastructure, real estate and oil & gas.

CC1 is a general contractor under the country’s construction ministry and has a track record of business growth over the past 40 years in civil engineering, construction, real estate development and importation of construction materials.

Daewoo E&C entered the local construction market some 20 years ago and put its business on track for robust growth after successfully completing a massive urban development project in northwest Hanoi. Daewoo E&C and CC1 also agreed to exchange bidding information in construction markets and actively consider entering into various new areas for business expansion.

Last December, the two signed an agreement to establish a joint venture for construction equipment rental business within this year, with a plan to expand business to adjacent markets such as Laos and Cambodia.

The Korean builder said it will actively expand its business across Vietnam in collaboration with CC1, while strengthening its value chain based on maximized synergy with existing business to generate stable profit.

By Chu Dong-hoon and Minu Kim

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