HCMC – South Korea’s Posco E&C Vietnam has announced its conversion to a wholly foreign-owned entity through the acquisition of a 30% stake from Vietnam’s engineering firm Lilama.
Posco E&C Vietnam expects the acquisition of the Lilama stake and a license from the authorities for the joint venture to turn all foreign-owned to pave the way for it to become a leading construction firm in the country.
The Korean firm can now expand business into the housing, apartment and office building market segments using its own trademark, said general director Park Si-sung.
In 1995, Posco E&C entered the Vietnamese market as the co-investor of the Diamond Plaza project in downtown HCMC. Since then, it has got involved in projects to develop factories and new urban areas, and infrastructure projects such as power plants, oil refineries, roads and sea ports.
Posco E&C has completed various projects such as installing oil tank and steel structures for Dung Quat Oil Refinery, boilers and steel structures for Ca Mau Coal Power Plant No. 1 and No. 2, steel structures at Tan Son Nhat International Airport, Posco Cold Rolling Mill in Ba Ria-Vung Tau Province, and IT College in Danang City.
The company is designing a master plan for Hanoi and investing in Ngoc Liep New Urban Area following the North An Khanh new urban area. It is also involved in the construction of Hue General Hospital, Minh Khai Building in Hanoi, Waterpark Apartment, stages 1, 2 and 3 of Noi Bai-Lao Cai Highway, and stage three of Long Thanh–Dau Giay expressway.
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