Kim Hyung, President of Daewoo Construction, Meets with Vietnamese Ambassador to Korea to Discuss Investment and Cooperation Expansion

Welcome Speech for Ambassador's Appointment and Discussion on Strengthening Mutual Partnership

Kim Hyung, President of Daewoo Construction (left), and Nguyen Vu Tung, Vietnamese Ambassador to Korea, met at the Embassy of Vietnam in Jongno-gu, Seoul on the 27th and greeted each other with a fist bump.

Daewoo E&C announced on the 31st that President Kim Hyung visited the Embassy of Vietnam in Korea on the 27th and met with Nguyen Vu Tung, the Vietnamese Ambassador to Korea, to discuss the expansion of investment and development projects in Vietnam and the strengthening of business cooperation.

At the meeting, President Kim said, "We plan to actively participate in investment and development projects in Vietnam, including the ongoing Starlake City project and future PPP (Public-Private Partnership) projects," adding, "We ask for the continuous interest and support of the Vietnamese Embassy in Korea."

Vietnamese Ambassador Nguyen Vu Tung expressed gratitude, saying, "We appreciate Daewoo E&C's contribution to Vietnam's economic development," and added, "We will work hard to support the establishment of partnerships between Korean companies entering Vietnam and local companies, as well as to resolve difficulties and provide support for Korean companies operating in Vietnam."

He further stated, "After the end of the COVID-19 pandemic, we hope that exchanges between the two countries will become more active and that we will build a mutually cooperative relationship."

The meeting was also attended by Pham Viet Tuan, Vietnamese Investment Counselor to Korea, Kim Chang-hwan, Head of Daewoo E&C's New Business Division, and other officials.

Daewoo E&C officially entered the Vietnamese construction market by establishing a Hanoi branch in 1991, before Korea and Vietnam established diplomatic relations (1992), and has been carrying out projects worth approximately 3 billion USD over the past 30 years.

Currently, Daewoo E&C is promoting the 'Starlake City' project, a new city development covering 2,104,281㎡ (about 635,545 pyeong), which is two-thirds the size of Yeouido, located in the West Lake area northwest of Hanoi's old town.

The Starlake City project is led by the Vietnamese THT corporation, wholly owned by Daewoo E&C, with a total project cost of 2.2 billion USD (approximately 2.6 trillion KRW). The first phase of land development and construction of apartments and villas were completed last year, and the B3CC1 block complex development project worth 400 million USD, involving numerous domestic financial institutions, is scheduled to begin construction this year. The B3CC1 block project is the first case of domestic financial institutions investing equity in a large-scale real estate development project in Vietnam.

This content was produced with the assistance of AI translation services.