Vietnam’s Coteccons Construction Joint Stock Company and South Korea’s Daewoo Engineering & Construction Co Ltd have signed a memorandum of understanding (MOU) on international cooperation with the aim of jointly developing potential project opportunities in the construction sector globally (including Vietnam).

Under the MOU, Daewoo E&C and Coteccons will cooperate in large-scale EPC (engineering, procurement and construction) projects in Vietnam launched by the public sector or government-related entities, as well as other EPC projects in the global market where Daewoo participates as the main contractor and intends to subcontract a certain part of the works.

“In the international market, [Daewoo E&C] are constructing factories and infrastructure projects. In Vietnam, we consider this a key market to expand the construction market, build new cities, develop cold storage and data centres using LNG refrigeration, pursue investment projects, and build shares in the fields of LNG power plant business and renewable energy,” said Jung Won Ju, chairman of the board of directors at Daewoo E&C.

“We hope that this memorandum of understanding will open opportunities for both companies to cooperate overseas in various fields such as construction and real estate development, infrastructure, and factory construction business, contributing significantly to building the value chains of our group.”

“[Coteccons] are committed to driving innovation in the Vietnamese construction industry, reshaping the industry and redefining core standards, even in the context of the economic downturn and the challenges of negative competition,” added Bolat Duisenov, chairman of the board of directors at Coteccons. “We aim for long-term sustainability, ensuring that business interests coexist harmoniously with environmental and social responsibilities.

“The MOU marks an important milestone in Coteccons’ journey as it formalises a strategic partnership with Daewoo E&C. Operating on the principles of transparent cooperation and mutual benefit, I believe that this cooperation will bring about important achievements and set new standards in the construction industry to jointly build a future that is not only prosperous but also sustainable and comprehensive.”

All images: Coteccons