Kumho Asiana, one of the seven largest conglomerates in South Korea, will invest in a series of mammoth projects in Vietnam capitalized at US$4 billion; a Vietnamese newspaper Investment quoted the corporate leader as saying.
“Vietnam has persuaded us for its great potentials for investment and very impressive economic growth and we will not change our decision”, said Dr. Park Sam Koo, Chairman of the Board of Directors of Kumho Asiana, who was honored as the most excellent businessman in South Korea.
“We will pump a total $2.5 billion into the two largest projects of all namely Giang Vo Trade Center and Me Tri Exhibition Center in Hanoi, which are expected to be operational before 2010 to celebrate the 1,000th anniversary of Thang Long-Hanoi”, he said.
The Daewoo Construction Company, one of the 38 subsidiaries of Kumho Asiana, will start building the $300 million-West Lake residential area in Hanoi this October.
While the second-phase construction of the Kumho Tires factory in Binh Duong province will be kicked off soon with $400 million of capital, Dr. Park said.
The group decided to build this factory with capacity of 4 million tires in Vietnam, where consumes around only 500,000 tires each year for a strong belief in its promising business in the market.
“We are also considering other big projects in the south, including the construction of a seaport in Vung Tau, the highway from Thu Duc to Nhon Trach and a golf course in Ho Chi Minh City.”, the chairman revealed.
Kumho Asiana has to date invested $930 million in Vietnam, including around $450 million in 2006.
The Ho Chi Minh City-based Kumho Asiana Plaza worth $250 million will be completed in 2009. The first phase of Kumho tires project worth $200 million also in the city is slated to be completed in 2008. (Investment)
Vietnamese
