Hyundai Engineering-Kexim cooperation acclaimed

The Hyundai Engineering delegation was led Ha Jong Hyun, Chairman and CEO of the company, while the Kexim representatives were led by Kim Jae Hwa, the bank’s Chief Representative in Vietnam.

Hyundai Engineering Chairman and CEO Ha Jong Hyun said the company was founded in 1974 as a subsidiary of the Hyundai Motor Company. With 45 years of experience, Hyundai Engineering has become an EPC (engineering-procurement-construction) contractor capable of designing, supplying technology and equipment, and building prestigious constructions worldwide. Hyundai Engineering is capable of performing all construction-related jobs including feasibility study, basic design, detailed design, procurement, trial, operation and maintenance. Hyundai Engineering is largely experienced and is always is pioneer and leader in technology adoption.

Hyundai Engineering Chairman and CEO Ha Jong Hyun

According to Ha Jong Hyun, Hyundai Engineering ranks first in Asia in the field of design. Hyundai Engineering received an AA- credit rating (Moody's Investors Service’s highest rating for construction companies in the Republic of Korea or RoK in 2018). Hyundai Engineering can arrange export credits for large-scale projects with preferential interest rates, loan terms, grace periods and guarantees. Hyundai Engineering also invests in public-private partnership (PPP) projects.

Hyundai Engineering has launched more than 450 projects in the fields of petrochemicals, chemicals and fertilizers, and 280 power projects worldwide. Hyundai Engineering’s projects in Vietnam include the Thu Duc Water Treatment Plant in Vietnam’s southern hub – Ho Chi Minh City, An Dong Bridge in the southern central coastal province of Ninh Thuan, Fiber Joint Stock Company (PVTEX) in the northern coastal city of Hai Phong, a polypropylene plant in the southern central province of Quang Ngai, and a petrochemical refinery in the southern city of Vung Tau.

Ha Jong Hyun expressed Hyundai Engineering’s interest in different projects, including Dung Quat Refinery expansion; Nghi Son Refinery and Petrochemical Complex improvement to Euro V emission standard; Nam Con Son Gas Processing Plant’s (GPP) phase II; Ca Voi Xanh (Blue Whale) GPP Plant; central thermal power plants 1 and 2; Dung Quat Power Plants 1 and 3; Son My Thermal Power Plant (imported LNG and power and gas plant); Nhon Trach Thermal Power Plant 3 and 4; O Mon Thermal Power Center; the expanded Hoa Binh Hydroelectric Plant; and a coal import port of the Quang Trach Power Center. These projects are under the management of the Vietnam Oil and Gas Group (PVN) and Vietnam Electricity (EVN).

Ms. Kim Jae Hwa, Chief Representative of KEXIM in Vietnam

Kim Jae Hwa, Chief Representative of KEXIM in Vietnam said Kexim has been involved in arranging export credit and investing in energy projects in Vietnam since 2011, with an estimated total capital of about US$10 billion. The bank has pledged to continue supporting and contributing to the Vietnamese energy industry’s development.

On behalf of Kexim, Kim Jae Hwa expressed the bank’s desire to cooperate with Hyundai Engineering to invest in energy projects of PVN and EVN. According to her, Kexim Bank is conducting accreditation processes, based on which to cooperate with corporations.

Chairman of the Commission for the Management of State Capital at Enterprises Nguyen Hoang Anh

Highly rating the desire for cooperation of Hyundai Engineering, Chairman of the Commission for the Management of State Capital at Enterprises Nguyen Hoang Anh said that thanks to efforts of businesses such as Hyundai Engineering, the diplomatic, economic and people relationships between Vietnam and the RoK is on the rise towards comprehensive development.

Chairman Nguyen Hoang Anh said the fact that Hyundai Engineering has had cooperation agreements on investment projects without government guarantee with PVN and EVN has proved capabilities of Vietnamese enterprises and Korean enterprises’ trust in the Vietnamese investment and business environment.

Supporting Hyundai Engineering-Kexim investment in the above-mentioned projects, Chairman Nguyen Hoang Anh said that enterprises in charge of these projects are subsidiaries of PVN and EVN. They are all businesses with a very positive business and production situation in recent years. They are guaranteed by PVN and EVN.

Chairman Nguyen Hoang Anh suggested that instead of looking for a guarantee agreement, Hyundai Engineering can send delegations of specialists to survey, assess and review investment capacity and level in order to ensure the projects’ efficiency.