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Daewoo E&C expands push into Vietnam as local industry slows

Published: 07 Mar. 2025, 09:48

This photo shows the company's Chairman Jung Won-ju, left, at a meeting with the Hanoi People's Committee Chairman Tran Sy Thanh in the Vietnamese capital on March 4. [DAEWOO ENGINEERING & CONSTRUCTION]

Daewoo Engineering & Construction (E&C) is accelerating its expansion in Vietnam amid a slowdown in Korea's construction market, industry sources noted Friday.

According to the sources, Daewoo E&C Chairman Jung Won-ju recently completed a weeklong visit to Vietnam, returning to Seoul on Wednesday.

The visit focused on advancing the second phase of the builder's Starlake new town project in Hanoi, securing partnerships for the Kien Giang new town development in Thai Binh Province and exploring potential participation in Vietnam's future infrastructure projects.

During the trip, Jung met with key officials, including the Hanoi People's Committee Chairman Tran Sy Thanh, to seek support from local authorities for Daewoo E&C's development projects.

Jung emphasized that Daewoo E&C, through projects such as the Starlake new town initiative, has facilitated investment by major South Korean companies, including Samsung Electronics, CJ Group and Emart, serving as a bridge for bilateral economic cooperation.

As part of its overseas expansion strategy, Daewoo E&C is actively exploring overseas markets, including Nigeria, Iraq and Libya, with Vietnam identified as a key strategic market for the Korean builder.

"We aim to contribute to Vietnam's economic development while enhancing Korea's global presence as a leading construction and development country," a Daewoo E&C official said.

Yonhap