Hyundai E&C leading Vietnam's growth
In Vietnam, visitors see construction everywhere. With diverse multinational companies relocating their manufacturing facilities to the up and coming nation, the Vietnamese government has 127 social overhead capital and other social infrastructure projects planned through 2020, attracting $58 billion in foreign capital.
Hyundai Engineering & Construction (E&C) has been witnessing Vietnam's development since advancing into the nation 50 years ago. It has been one of the Vietnam's most trusted partners, leading its qualitative leap forward.
Hyundai E&C's relationship with Vietnam started back in 1966, when it was in charge of dredge work in the lower Mekong River. Amid the Vietnamese War, the place was of strategic importance. Hyundai E&C gained recognition for successfully completing the project, which dredging companies from more developed countries had been unable to do.
Hyundai E&C built up its prestige in Vietnam by constructing a new residential town in Cam Ranh, 500 kilometers from Ho Chi Minh, between 1967 and 1970. Following the construction of the Hanoi Resort Hotel between 1995 and 1998, Hyundai E&C bolstered Vietnam's power supply by building thermal plants and a hydroelectric plant, as well as leading the country's shipbuilding industry by constructing shipyards.
It marked a notable achievement in the country's construction history by completing the Bitexco Financial Tower in 2011. Located in downtown Ho Chi Minh City, the 68-story building became a landmark. Taking the lotus as a motif, its artistic design required complicated construction work. Hyundai successfully completed it by adopting the latest technologies and upgrading the construction to something elegant.
Over the past 50 years, Hyundai E&C has completed 19 construction projects in Vietnam worth $2.6 billion, in sectors such as infrastructure, housing and power plants. It recently won an order for construction of a metro system in Hanoi.
The company is seeking ways to contribute to Vietnam's growth. It completed the Hyundai-KOICA Dream Center in February, to nurture the country's construction and automobile maintenance experts. It is also supporting construction safety education at the Hanoi University of Technology, with plans to expand safety education to 1,500 construction workers annually.
"We are seeking a mutual growth model, where Hyundai E&C and Vietnam can jointly lead development and help the country make a qualitative leap forward," a Hyundai E&C spokesperson said.