RoK construction firms interested in Vietnamese market

A corner of Ho Chi Minh City (Photo: VNA)

Hanoi (VNA) - With the domestic housing market entering a period ofstagnation, many construction companies of the Republic of Korea (RoK) have amended their business strategies, in which many choose Vietnam astheir destination, the RoK’s Newdaily newspaper reported.

In its recent article, the newspaper wrote that one of theoverseas markets that Korean construction companies are paying most attentionto this year is Vietnam.

With the National Master Plan to 2030 with a vision to 2045,Vietnam is striving to become an advanced country by 2045. To this end, itplans to invest in transportation, energy, information and communicationstechnology (ICT), and infrastructure. The scale of the infrastructure industry isalso expected to grow at an average annual rate of 9.8% from 5.2 billion USDlast year to 11 billion USD in 2030.

Lotte Tower in Hanoi (Source: Internet)

Currently, construction companies that stand out in Vietnamsuch as GS E&C, Daewoo E&C, and Lotte E&C are strengthening their localpresence by conducting large-scale development projects in Ho Chi Minh in thesouth and in Hanoi in the north, the newspaper wrote.

In addition to Hanoi, Daewoo E&C, the first Koreanconstruction firm to be present in Vietnam (in 1991), is showing some signsof targeting southern Vietnam while considering investment expansion in BinhDuong province near Ho Chi Minh City./.

VNA