The Viet Nam Construction and Import-Export JSC (Vinaconex) and Hyundai Engineering & Construction Co (Hyundai E&C) will foster bilateral co-operation, following a memorandum of understanding signing between the two companies in Ha Noi on Monday.

Via the MoU, the two sides will team up to develop real estate projects in the country.

Executive Vice President of Hyundai E&C Seo Sang Hoon said it was his company’s first co-operation deal sealed with a Vietnamese subcontractor.

Currently, the company has signed collaboration pacts with about 5,000 subcontractors in other countries.

Vinaconex chairman Dao Ngoc Thanh said the foreign partner wanted to not only team up with his company in Viet Nam but also be able to reach foreign markets together.

Thanh added the two companies would introduce potential projects to each other.

Vinaconex owns and manages about 3.2 million square metres of land in Viet Nam, covering its 16 construction projects.

Meanwhile, Hyundai E&C is listed among the world top 25 construction firms by the US magazine Engineering News-Record.

In Viet Nam, Hyundai E&C has participated in a number of projects, such as the Mong Duong 1 thermo power plant in Quang Ninh province, Bitexco Financial Tower in HCM City, and Song Gia golf course and resort complex in Hai Phong City. — VNS