By Kim Tae-gyu
Hyundai Engineering and Construction (E&C) has sealed a $1.46 billion deal to build a thermoelectric power plant in Vietnam, the biggest order won this year by the country’s foremost contractor.
Hyundai E&C said Tuesday that the Seoul-based company will break ground for the 1,000 megawatt power plant this October with a view to wrap it up in around four years, midway through 2015.
It said that the mammoth power station will be located in Mong Duong, some 250 kilometers northeast of Hanoi. It is a financially safe program supported by the Asian Development Bank (ADB).
``Vietnam Electricity ordered the big power plant, most of which will be financed by the ADB. Vietnam wants to set up the facilities to deal with the shortage of electricity in the region,’’ a Hyundai official said.
``On top of the Vietnamese case, we will beef up our efforts to win more international orders in 2011 to achieve our target of topping $10 billion in the annual total for two straight years.’’
So far this year, Hyundai has inked contracts worth $3.8 billion including this one in Vietnam and looks to renew its record yearly figure of $11 billion reached in 2010.
``Through the power station, we were recognized once again as one of the world’s top construction companies with a sharp technical edge and operational know-how. We expect further achievements in Vietnam,’’ the official said.
``We are currently working on a host of new orders. Since most orders are usually signed in the latter part of the year, we are optimistic about attaining our goal without any obstacles in 2011. ’’
Hyundai first advanced into Vietnam in 1966 by building a harbor and has finished a total of 15 projects in the southeastern Asian country. Presently, a pair of construction projects is underway there.