Hyundai Engineering has established a bridgehead to target the Vietnamese power plant market.
The company announced on August 6 that it has received a letter of award (LOA) from Longson Petrochemical to build facilities at the Longson petrochemical complex in Vietnam. The deal is worth US$320 million (368.4 billion won).
Under the deal, the builder will construct infrastructure, such as supportive boilers and water treatment facilities, to produce steam and industrial water for the Long Son petrochemical complex in Long Son Island in Vung Tau located some 100 kilometers southeast of the country's capital Ho Chi Minh City. The project is to be completed within 47 months after the groundbreaking
Industrial water and steam produced at the water treatment facilities and supportive boilers will be supplied to the petrochemical complex according to needs. It is the core project to help plants at the complex operate smoothly.
Meanwhile, Hyundai Engineering took part in designing the construction of the Mong Duong coal-fired thermal power plant in Vietnam completed by Hyundai Engineering and Construction in 2016. It is the second turnkey power plant construction contract won in Vietnam after the project to expand the Ba Ria complex thermal power plant in 1999.
Vietnam showed an economic growth rate that is 2.6 times higher than the average global gross domestic product (GDP) last year. According to the government’s seventh supply and demand plan, it is planning to secure a capacity to produce 55,300 megawatt (MW) of electricity by 2030. Accordingly, the South Korean company has high expectations to win more orders in Vietnam.