It has been found that South Korean builders won overseas construction projects worth a total of US$7.86525 billion from January 1 to March 9, 2018. The amount had been US$2.96189 billion during the same period of last year.
Such a rapid increase is because South Korean builders are doing very well in the Middle East and Asia. In the first two months of this year, they won contracts worth US$2.7 billion and US$4.2 billion in the Middle East and Asia, respectively. In the same period of 2017, the amounts had been US$1.2 billion and US$1.4 billion, respectively.
Last year, the size of the Vietnamese construction market amounted to US$12.7 billion, up 8.7% from a year earlier. The Vietnamese construction market is expected to keep growing this year based on economic growth, increasing demands for transportation, energy, communications and housing infrastructure, and an increase in foreign direct investment inflow.
The Vietnamese government is planning to invest US$8.6 billion until 2020 in the construction of schools, hospitals, roads, water treatment facilities, etc. In addition, six new ports are going to be developed and connected more closely to various roads and regions. Recently, SK E&C and POSCO E&C signed a contract for plant construction in the Long Son Petrochemical Complex.
In the meantime, Hyundai Engineering recently inked a contract to renovate the Melaka Oil Refinery in Malaysia. Likewise, Hyundai E&C signed a contract in Singapore for a new project related to the Tuas Terminal and GS Engineering is scheduled to initiate apartment complex development in Indonesia.
According to industry sources, Middle Eastern and North African countries are planning to launch new construction projects worth US$270.8 billion, up 18% from a year ago, in the near future. South Korean builders are attempting to win a US$28 billion portion among the new projects. According to the South Korean government, South Korean builders’ total contract value is estimated to reach at least US$32 billion this year.