With the domestic housing market entering a period of stagnation, many construction companies of the Republic of Korea (RoK) have amended their business strategies, in which many choose Viet Nam as their destination, the RoK’s Newdaily newspaper reported.

In its recent article, the newspaper wrote that one of the overseas markets that Korean construction companies are paying most attention to this year is Viet Nam.

With the National Master Plan to 2030 with a vision to 2045, Viet Nam is striving to become an advanced country by 2045. To this end, it plans to invest in transportation, energy, information and communications technology (ICT), and infrastructure. The scale of the infrastructure industry is also expected to grow at an average annual rate of 9.8 per cent from US$5.2 billion last year to $11 billion in 2030.

Currently, construction companies that stand out in Viet Nam such as GS E&C, Daewoo E&C, and Lotte E&C are strengthening their local presence by conducting large-scale development projects in HCM City in the south and in Ha Noi in the north, the newspaper wrote.

In addition to Ha Noi, Daewoo E&C, the first Korean construction firm in Viet Nam (in 1991), is showing some signs of targeting southern Viet Nam while considering investment expansion in Binh Duong Province near HCM City. — VNS