Posco E&C wins contract to construct steel factory

HA NOI (VNS)— Posco Engineering&Construction Co, the construction arm of South Korea's largest steelmaker, Posco, has beat 10 other contractors to secure the US$302 million deal to build the Formosa Raw Material Handling Yard in Viet Nam. Under the contract with Formosa Ha Tinh Steel Corp, an affiliate of Viet Nam's Formosa Group, Posco E&C will build the facility in a steel complex in central Ha Tinh Province. Construction on the project, which will have an annual production capacity of 7 million tonnes per year of crude steel, will begin in February and finish by January 2015.-VNS … [Read more...]

FPG begins constructing steel mill in Vietnam

Construction began Sunday on a blast furnace that will be part of a steel mill complex built with investment by Formosa Ha Tinh Steel Corp., a Formosa Plastics Group (FPG) steel venture in Vietnam. FPG president William Wong said that in the primary stage of construction, the company expects to hire around 10,000 Vietnamese workers. The complex is aimed at turning Ha Tinhi, a province on the country's north central coast, into a key industrial city. Vietnamese Prime Minister Nguyen Tan Dung attended the ground-breaking ceremony for the blast furnace, which is expected to go into operation in 2015. … [Read more...]

Steel giant heads abroad for forex

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Formosa Ha Tinh Steel Corp has set its sights on increasing exports as a way of maintaining its much-needed foreign exchange balance. illustration photo The move follows the Vietnamese government's thumbs down on the company's requests for a mechanism that would see its dong earnings converted into forex. Last year, the Taiwanese investor made a concerted push to obtain foreign exchange balance support from Vietnamese authorities. The company needs to guarantee it has enough capital to import raw materials required to run its mammoth steel complex in central Ha Tinh province's Vung Ang Economic Zone (VAEZ). According to the firm (FHS), the company needed $2.8 billion a year to import iron ore, coke coal and other materials for its $16 billion steel project, which had the capacity to produce up to 7.5 million tonnes of steel in the first phase of operation. The first phase, developed to the tune of $8.9 billion, is scheduled to start commissioning from around 2013. FHS will be … [Read more...]

Formosa’s FX fears

Taiwan's Formosa is seeking Vietnamese authorities' support to mobilise foreign currency to run its giant steel complex in central Vietnam. According to Chu Xuan Pham, representative of the Formosa Ha Tinh Steel Corp. (FHS), the Taiwanese firm would need $2.8 billion a year to import iron ore, coke coal and other materials for its Vung Ang Industrial Park-based steel plant in Ha Tinh province, to produce 7.5 million tonnes of steel in the first phase of operation. The first phase, which has a total investment capital of $8.9 billion for building a port, a steel plant and a power plant, is projected to be commissioned from 2013. Pham said that after putting the plant into operation, the company would be able to get around $1.4 billion a year, or a half of the required working capital, from selling steel products abroad. "We will also sell our steel products, including steel shape, plate and billets, in the Vietnamese market, through which we will earn a lot in Vietnamese dong," … [Read more...]

Lotte buys into Diamond Plaza

The Diamond Plaza building in downtown HCMC. Lotte Group has acquired 70% of the Diamond Plaza project - PHOTO: HUNG LE

Hung Le A source from Lotte confirmed the deal when reached by the Daily. The group’s chairman Shin Dong Bin mentioned the acquisition of the Diamond Plaza at a meeting with HCMC chairman Le Hoang Quan at City Hall on Wednesday. Shin said Lotte has joined the management of the Diamond Plaza after acquiring 70% of the project. However, he did not reveal the amount of money the group had spent on the deal. The Diamond Plaza was inaugurated in August 2000 with 22 floors, including two basements. The building, which overlooks the landmark Notre Dame Cathedral in HCMC’s District 1 and had an initial investment of some US$60 million, was the joint venture between Construction Corporation No. 1 (CC1) and Posco Engineering & Construction Co. (Posec) under Posco Group. A source from the HCMC Department of Planning and Investment told the Daily that this agency has not received a request for change of the foreign partner in the joint venture as required by the relevant … [Read more...]

Lotte buys controlling stake in Ho Chi Minh City’s Diamond Plaza: media

The 20-story building is now operated by a joint venture between Vietnam’s Construction Corporation No.1 (CC1) and Lotte, instead of the Posco Engineering & Construction Co. (POSEC),

South Korean conglomerate Lotte has replaced a compatriot company in the joint venture that owns the Diamond Plaza trade center in downtown Ho Chi Minh City, a Vietnamese newswire reported Thursday. The Saigon Times Online quoted Lotte’s chairman Shin Dong Bin as saying on Wednesday. Shin revealed the move during a meeting with Ho Chi Minh City’s chairman Le Hoang Quan, where they discussed several investment plans, including the construction of a US$2 billion Eco Smart City, the South Korean company is eying in the southern Vietnamese metropolis. In August 2000 CC1 and POSEC, a subsidiary of South Korean steel making giant POSCO, inaugurated the $60 million Diamond Plaza in one of the prime locations in District 1. The complex of office buildings, apartments, and trade centers is situated at the Le Duan – Pham Ngoc Thach intersection, facing the back of the iconic Saigon Notre-Dame Basilica. The prime location enables Diamond Plaza to attract famous brands … [Read more...]

Ho Chi Minh City wastewater treatment plant receives $130mn upgrade

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Ho Chi Minh City last week started work on an expansion project that will turn one of its two wastewater treatment plants into the largest of its kind in Southeast Asia. The groundbreaking ceremony for the $130 billion project was held at the Binh Hung Sewage Treatment Plant on Saturday last week, one of the contractors said Tuesday on its website. The multibillion-dollar contract was awarded to a three-company consortium of POSCO Engineering & Construction, Ltd., Hitachi, and OTV, the latter’s parent company, Veolia Environnement S.A, said in a press release. POSCO E&C is a leading South Korean construction company, whereas the Paris-based Veolia operates in the fields of water supply and management, waste management, energy and transport services. The project, developed by the city’s Urban Civil Works Construction – Investment Management Authority, is funded by loan assistance from the Japanese government. The project aims to improve Ho Chi Minh … [Read more...]

HCM City expands wastewater treatment plant

The Ho Chi Minh City Urban Civil Works Construction Investment Management Authority has started work on a package to improve HCM City's urban and domestic sanitation by expanding the daily capacity of a large-scale Binh Hung sewage treatment facility from 141,000 to 469,000 cubic metres. The expanded capacity will be sufficient to meet wastewater treatment needs of about 1.4 million people, and will make the plant one of the largest sewage treatment facilities in Southeast Asia. The package belongs to the second phase of a project to rehabilitate the HCM City water environment in a basin area of 2,150ha along Tau Hu, Ben Nghe, Doi and Te canals in districts 4,5,6, 8, 10 and 11. The contract for the plant expansion was awarded to a three-company consortium represented by POSCO Engineering & Construction, Ltd., a major construction company from the Republic of Korea, Hitachi, and OTV, a subsidiary of Veolia Water Solutions & Technologies, a French environmental services … [Read more...]

City expands large wastewater treatment plant

The ground-breaking ceremony to the Binh Hung Sewage Treatment Plant expansion project was kicked off to improve the HCM City water environment. — VNS Photo

HCM CITY (Biz Hub) — The HCM City Urban Civil Works Construction Investment Management Authority has started work on a package to improve HCM City's urban and domestic sanitation by expanding the daily capacity of a large-scale Binh Hung sewage treatment facility from 141,000 to 469,000 cubic metres. The expanded capacity would be sufficient to meet wastewater treatment needs of about 1.4 million people, and would make the plant one of the largest sewage treatment facilities in Southeast Asia. The package belongs to the second phase of a project to rehabilitate the HCM City water environment in a basin area of 2,150 ha along Tau Hu, Ben Nghe, Doi and Te canals in districts 4,5,6, 8, 10 and 11. The contract for the plant expansion was awarded to a three-company consortium represented by POSCO Engineering & Construction, Ltd., a major South Korean construction company, Hitachi, and OTV, a subsidiary of Veolia Water Solutins & Technologies, a French environmental services … [Read more...]

Construction starts on Nam Lik 1 hydroelectric power plant

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(VOV) -Construction on the US$124 million Nam Lik 1 hydroelectric power plant got underway on July 9 following more than one year of design preparation. VND520 billion for Song Lo 3 hydroelectric power plant Son La hydroelectric power plant in operation US$400 million to build Trung Son hydroelectric power plant … [Read more...]

New road to reduce congestion in HCM City

A 20km section of the HCM City - Long Thanh - Dau Giay Expressway opened to traffic yesterday. The opening is expected to help reduce traffic congestion on National Highway 1A.

A 20-km section of the HCM City-Long Thanh-Dau Giay Expressway opened to traffic on January 2. The section running from Ring Road II in District 9 to National Highway 51 in neighbouring Dong Nai Province's Long Thanh District has six lanes, including two for emergency stops. It is expected to reduce congestion on National Highway 1A, Mai Tuan Anh, director general of the Vietnam Expressway Corporation (VEC), the operator of the highway, said. It shortens the distance from HCM City to Long Thanh from 45km to 22km and the travelling time from one hour to 20 minutes, he said. It also reduces the HCM City - Vung Tau distance from 120km to 95km and the travelling time from more than 2.5 hours to 80 minutes. To travel from HCM City to Dau Giay T-Junction in Dong Nai will also take only 80 minutes now instead of the earlier 2.5 hours as the distance has shrunken from 70km to 20km. Cars, buses, and trucks of less than 10 tonnes are allowed to use the highway now, and charged a … [Read more...]

New road to reduce congestion

A 20km section of the HCM City - Long Thanh - Dau Giay Expressway opened to traffic yesterday. The opening is expected to help reduce traffic congestion on National Highway 1A. — VNA/VNS Photo Hoang Hai

HCM CITY (VNS) — A 20-km section of the HCM City-Long Thanh-Dau Giay Expressway opened to traffic yesterday. The section running from Ring Road II in District 9 to National Highway 51 in neighbouring Dong Nai Province's Long Thanh District has six lanes, including two for emergency stops. It is expected to reduce congestion on National Highway 1A, Mai Tuan Anh, director general of the Viet Nam Expressway Corporation (VEC), the operator of the highway, said. It shortens the distance from HCM City to Long Thanh from 45km to 22km and the travelling time from one hour to 20 minutes, he said. It also reduces the HCM City - Vung Tau distance from 120km to 95km and the travelling time from more than 2.5 hours to 80 minutes. To travel from HCM City to Dau Giay T-Junction in Dong Nai will also take only 80 minutes now instead of the earlier 2.5 hours as the distance has shrunken from 70km to 20km. Cars, buses, and trucks of less than 10 tonnes are allowed to use the highway now, and … [Read more...]

Part of Ho Chi Minh City-Long Thanh-Dau Giay highway opens to traffic

The newly completed section (Source:bizlive.vn)

Nhan Dan Online - A 20-kilometre section of the Ho Chi Minh City-Long Thanh-Dau Giay highway was made operational at a ceremony held on January 2 by the project's investor, the Vietnam Expressway Investment Corporation (VEC). According to VEC General Director Mai Tuan Anh, the section will help shorten the distance and travel time from Ho Chi Minh City to surrounding localities. The newly completed section has been built cooperatively by the China Road and Bridge Corporation (CRBC), Civil Engineering Construction Corporation No. 6 (Cienco 6), Civil Engineering Construction Corporation No. 8 (Cienco 8) and Posco Engineering and Construction (POSCO E&C) of the Republic of Korea. The minimum speed for vehicles travelling on the highway is 60km/h and the upper limit is 100km/h. The minimum toll is VND2,000/km. The 55-kilometre highway connects National Highway 51, Long Thanh International Airport and National Highway 1A with four lanes, a 27.5-metre width, a designed velocity of … [Read more...]

Social Headlines December 30

The implementation of a strategy on ethnic affairs until 2020 was launched at a national conference in Hanoi on December 28, during which, ministries, agencies and localities across the country were assigned with key tasks to realise the set goals.

Expanded Noi Bai-Terminal T1 inaugurated The expanded Terminal T1 of Noi Bai International Airport was officially put into operation on December 29. Terminal T1 was inaugurated in 2001 with a design capacity of serving 6 million passengers per year. However, a two-fold increase in numbers of passengers in recent times forced the Airports Corporation of Vietnam (ACV) to upgrade the terminal. The expanded project was built on 25,000 sq.m by ACV at a cost of VND500 billion. It included five departure and two arrival gates. The same day, nearly 3,000 Jetstar Pacific passengers had their customs procedures cleared at the new expanded terminal. Jetstar Pacific General Director Le Hong Ha said the new terminal helps save time for procedure clearance and improve the quality of services. Three die in boat accident Three women were killed in a boat accident in Tam Ky City in the central province of Quang Nam yesterday. The boat was carrying six people when it sank in the My Cang River … [Read more...]

Noi Bai-Lao Cai highway partly opened to traffic

A segment of the Noi Bai-Lao Cai highway, from Hanoi to the northern province of Vinh Phuc, opened to traffic on December 27. The 26 kilometre long section, with six lanes, was constructed by Posco Engineering and Construction (POSCO E&C) of the Republic of Korea, with a total investment of over 2.5 trillion VND (over 120 million USD). It is expected to contribute to reducing traffic on Highway No. 2 and facilitating goods and passenger transportation from Hanoi to Binh Xuyen and Ba Thien industrial parks and spiritual tourism sites in Vinh Phuc province, halving the distance and time to reach these destinations. Addressing the event, Deputy Prime Minister Hoang Trung Hai underlined the important role played by the highway in promoting socio-economic development exchange among localities where it runs through as well as between countries in the Mekong Sub-region. He asked the Ministry of Transport to work with the People's Committees of relevant localities to address the … [Read more...]

Ministry confirms City expressway poles below par

HA NOI (VNS) — The Transport Ministry has confirmed that concrete poles used in a section of the HCM City - Long Thanh - Dau Giay Expressway currently under construction are substandard. It made the confirmation in a report on the expressway project's package No 3 submitted to Prime Minister Nguyen Tan Dung on Wednesday. The conclusion was reached after an inspection of the expressway section done on Tuesday by the ministry's Engineering Construction and Quality Management Bureau as well as the project management board. The inspection immediately followed a report alleging substandard construction that was carried by the Thanh Nien (Young People) newspaper early Tuesday morning. The paper had conducted its own investigation after receiving a letter of denunciation about the quality of concrete poles used in expressway section that runs through southern Dong Nai Province's Long Thanh Town. It reported that as much as 30-40 per cent of materials that have to be used to construct … [Read more...]

Quang Binh concrete pipe plant begins operations

At the inauguration ceremony (nhandan.com.vn)

Nhan Dan Online - The Minh Duc concrete pipe plant was put into operation on June 15 at the Hon La economic zone in the central province of Quang Binh. The VND120 billion (US$5.8 million) project is being implemented by the Son Truong Company and uses the D300 - D800 pre-stressed strength concrete assembly line imported from the Republic of Korea. The plant has a capacity to produce more than 54,000 pipes per year and creates jobs for 200 local residents. It also signed its first contract worth VND100 billion (US$4.8 million) with Posco Engineering and Construction (E&C) Vietnam on its inaugural day. … [Read more...]

Hanoi to become a green city

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The 3rd report on the Hanoi Master Construction Plan has been submitted to the Vietnamese government and paints a new, green picture of Hanoi by the year 2030. The report, filed by US design and architecture firms Perkins Eastman and Posco Engineering &Construction, along with Jina from South Korea (PPJ), is a joint project aimed to guide the future construction and development of Hanoi. The proposal focuses on an expanded central urban area, five satellite cities, and eco-system towns/villages as well as green corridor preservation designed to create open space. The expanded central urban area will include two main parts divided by the Red River, surrounding Hanoi and expanding towards the No. 4 Beltway. The five satellite cities will be located outside of the Beltway. A model of the proposed plans for Hanoi The green corridor is proposed to include a central area with part of the southern area extending near Day and Tich rivers. It will cover a 70 percent area of the new … [Read more...]

Chinese, S.Korean Firms Sign US$449M Deals for Vietnam Expressway

Two South Korean firms, one Chinese company and Vietnam Construction Import Export Joint Stock Co have inked contracts worth VND8 trillion (US$449 million) with Vietnam Expressway Development and Investment Co. (VEC) for four bidding packages of Noi Bai-Lao Cai expressway. South Korean-invested companies, Posco Engineering & Construction (Posco E&C) and Doosan, have won A3 and A6 bidding packages valued at VND2.38 trillion and VND2.4 trillion respectively. China's Guangxi Road & Bridge Company signed A7 bidding package worth VND1.6 trillion and Vinaconex with A8 package of VND1.62 trillion. Construction of 264-kilometer expressway will cost VND19.9 trillion, and once operational, it will allow vehicles to travel at 100 km per hour. Work on the route started in April this year and is scheduled for completion in 2013. (Investment) … [Read more...]

Experts surprised by audacity of proposed Hanoi master plan

Hanoi City is giving positive consideration to implementing a long-term urban development plan it has commissioned from an international consortium. However, the draft plan is drawing fire from Vietnamese experts. Early in July, Hanoi authorities reviewed an ambitious plan for Hanoi's development to 2030, with a 'vision' to 2050. The plan calls for the city's evolution as 'the first sustainable capital city.' It is the work of PPJ, a consortium made up of the US design and architecture firm Perkins Eastman and Posco Engineering &Construction and Jina from South Korea. The Vietnam Institute for Architecture, Urban and Rural Planning (VIAP) also contributed. The proposal aims at development that embodies four 'pillars of sustainability' - economic, environmental, social and cultural, and emphasizes preservation of a 'green corridor' in the rich rice growing areas of the former Ha Tay Province. (Ha Tay, to the west of the city center, was annexed to Hanoi a year ago.) PPJ experts … [Read more...]