Park Jin-hai primarily focuses on K-dramas, entertainment shows and actor interviews. Beyond that, she also pens articles covering the broader arts scene, with a particular emphasis on classical music, dance and various aspects of lifestyle. Since joining The Korea Times in 2013, she has made significant contributions in the realms of hallyu (Korean wave), industry news and international affairs.
Local builders vie for Vietnam project
By Park Jin-hai
Major local builders are in fierce competition to bag a construction project of over 100 billion won in Vietnam.
Five builders ― Daewoo E&C, SK E&C, Hyundai Development Company, GS E&C and Daelim ― have participated in the bidding for the construction of the Hung Ha Bridge in Vietnam, which was closed on Nov. 5.
It is a construction project for a 6.3 kilometer bridge connecting Hung Yen Province and Ha Nam Province.
With the total construction cost of 104.6 billion won ($90 million), the selected bidder will complete the bridge in 36 months.
As a Korea Exchange Bank’s overseas construction project, the winning local builder will be able to tap into the bank’s Economic Development Cooperation Fund.
The Korean government is striving to help Korean companies win upcoming large-scale national projects in Vietnam by providing various types of assistance such as development finance, project loans and payment guarantees.
The Hung Ha Bridge project is part of the Vietnam Transport Network Master Plan, upgrading its transportation infrastructure. Without a bridge, people have to use ferries to cross the Red River.
Industry watchers say that the technological appraisals of each bidder are underway and estimate that the selection of a preferred bidder will be announced by the end of this month.
“We expect fierce competition as local builders are keenly interested in the construction project. Although the bidding has been scheduled to be announced by the end of this month, it could take longer depending on local conditions,” said a builder participating in the project.
GS E&C, which has been mentioned as a potential winner, has been actively participating in construction projects in Vietnam. It is now building the 450 meter long Vam Cong Bridge, the second longest bridge cable that crosses the Hau River in the Vam Cong region in Southern Vietnan. Previously, it completed the Vinh Thinh Bridge on the Red River and the Binh Loi Bridge over the Saigon River.
According to the International Contractors Association of Korea, Korean builders’ accumulated contracts from Vietnam amounting to $30.7 billion as of Oct.22. This year they clinched contracts worth $4.05 billion, the third largest after Kuwait and Turkmenistan.