[Vnbiz] New buildings change Saigon face [Re: Kumho Asiana to Invest $415 Million in Vietnam]

[Nguyen Hong Nhung]

Dear CACC,

I run into Kumho Asiana ground breaking ceremony today... Here are some
photos to share with you all.

I can also see high-rise buildings are more and more especially when
everything seems boiling for the event of Vietnam becoming a WTO member. I
can count at least 5 new buildings raised up in the middle of the town (if
you guys beg me I'll share my photos :p)... a huge change and surprise for
even someone like me who always drive around around Saigon all day.... For
your thoughts!

VTV news recently has reported some steel company decided to hire a whole
train to transport steel to the Southern market, where is estimated
to flooded with building projects by the end of this year. Is that exciting
to see?

-nhung



On 10/24/06, Phan, Tai <Tai.Phan at ed.gov> wrote:
>
>
> [Vietnam Business Forum]
>
>
>
> Kumho Asiana to Invest $415 Million in Vietnam
>
>
>
> By Na Jeong-ju
> Korea Times Correspondent
>
>
>
>
>
> HO CHI MINH, Vietnam _ Kumho Asiana Group plans to invest $415 million in
> Vietnam to construct high-rise buildings and a tire-making plant in one of
> the largest overseas investments by a South Korean company.
>
> Using Vietnam's abundant natural resources and geopolitical advantages,
> the group plan to build a solid business platform in the country to advance
> into neighboring Asian markets, according to group officials.
>
> In a major step toward achieving the goal, the group's construction
> subsidiary, Kumho Engineering & Construction, plans to build a complex of
> hotel and office buildings, called ``Kumho Asiana Plaza,'' in the center of
> this capital city.
>
> The group said it will spend $260 million to construct the complex that
> includes a 32-storty apartment building, a 21-story hotel and various
> convenience facilities. When completed, the 32-story apartment building will
> be Vietnam's second-highest skyscraper.
>
> ``The Kumho Asiana Plaza will become a symbol of our investment in Vietnam
> and economic cooperation between Korea and Vietnam,'' Kumho Asiana Chairman
> Park Sam-koo said. ``We've chosen Vietnam for our global investment because
> it is very important for South Korea, historically, culturally and
> economically.''
>
> Construction began 10 years ago, but the conglomerate suspended the
> project in the late 1990s due to the Asian financial crisis. It has decided
> to resume the project because of its strategic importance for growth, group
> officials said. Construction is scheduled to end about October 2009.
>
> For the ground-breaking ceremony, which will be held at 4:30 p.m. today,
> the group invited Vietnam's Prime Minister Nguyen Tan Dung, former Prime
> Minister VoVan Kiet, South Korea's Ambassador to Vietnam, Kim Eui-ki, and
> some 200 other guests.
>
> ``Initially, we planned to complete the construction through joint
> investment with Vietnam, but we took over the full rights for the project,''
> a group official said.
>
> The construction of Kumho Asiana Plaza opens an opportunity for Kumho E&C
> to increase its presence in Vietnam. The company plans tyo participate in
> government-initiated engineering and development projects.
>
> ``We have a big picture for our globalization, and projects in Vietnam
> will be very significant,'' a Kumho E&C official said. ``We are seeking to
> make inroads into Southeast Asian countries, such as Cambodia, the
> Philippines, Indonesia. In addition, we are looking to Middle East
> countries, such as Kuwait, Saudi Arabia, Yemen and Oman.''
>
> The company signed a contract with InterContinental Hotel Group, a global
> hotel chain, on Sept. 29 for the operation of a hotel that will be located
> inside the Kumho Asiana Plaza. The hotel, to be called ``InterContinental
> Asiana Saigon,'' will be developed into a world-class hotel, it said.
>
> The group's tire making unit, Kumho Tires, plans to build a production
> plant inside the My Phuoc industrial complex in Binhduong. The factory, to
> be built on a 300,000 square meter site, will produce 3.15 million
> automobile tires annually.
>
> The plant is the firm's fourth overseas production factory. Since the
> company completed a plant in Nanjing, China in 1999, it has built production
> lines in Changchun and Tianjin in China.
>
> If the Binhduong plant is completed in 2008, the company will be produce
> 5.7 million tires annually _ 30 million from its plants in South Korea and
> 27 million from its overseas plants.
>
>
>
> jj at koreatimes.co.kr
>
> 10-24-2006
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-- 
NGUYEN HONG NHUNG
Assistant to General Manager
THUMP WORLDWIDE INC.
63 Quoc Huong, An Phu, D.2
Ho Chi Minh City.
Tel: 848 7442835
Cell: 0909 116 884
Email: nhung at thump06.com
Website: www.thump06.com
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