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Posts Tagged ‘construction’

Hyundai Motor may win bidder status for construction firm

In Uncategorized on December 24, 2010 at 4:33 am

SEOUL, Dec 22, 2010 (AFP) – South Korea’s Hyundai Motor will likely be named preferred bidder for the country’s largest builder, a major shareholder of the builder said Wednesday, after rival Hyundai Group was pushed out of the race.


Nine creditors with a combined 34.88 percent stake in Hyundai Engineering and Construction will vote at an unspecified date on whether to name Hyundai Motor preferred bidder, Ryu Jae-Han, head of state-run Korea Finance Corp, told Dow Jones Newswires.


On Monday creditors walked away from an initial deal to sell their stake to the Hyundai Group, saying it did not give them enough information about how it would finance the reported 5.51 trillion won (4.9 billion dollar) cost.


When asked whether Hyundai Motor, which lost the preliminary deal in November, would be chosen as preferred bidder this time, Ryu said he “can’t deny” the possibility.


“I can’t deny that the current atmosphere makes it seem that way, but that’s something that the creditors need to vote on. We’ll have to see how the process plays out,” Dow Jones quoted Ryu as saying.


If the deal goes through Hyundai Motor would become the construction company’s biggest shareholder.


The takeover battle is part of a family feud over the former Hyundai empire, which was split into separate units after the death of its billionaire founder Chung Ju-Yung in 2001.


Hyundai Motor, headed by the founder’s second son Chung Mong-Koo, was hived off almost a decade ago as a separate entity. With affiliate Kia Motors, it is now the world’s fifth largest carmaker.


The construction firm came under creditor control in a debt-for-equity swap in 2001 amid lingering fallout from the 1997-98 Asian financial crisis.


The Hyundai Group — which includes a shipping firm, a brokerage, a tour company that operates projects in North Korea and an elevator maker — initially outbid Hyundai Motor for the construction firm.


The group’s chairwoman Hyun Jeong-Eun is the founder Chung’s daughter-in-law.


But creditors said Hyundai Group failed to submit detailed information about its financing of the acquisition, particularly a 1.2 trillion won loan obtained from French bank Natixis.

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Source: SGGP

Experts suggest construction should go ‘green’

In Uncategorized on December 17, 2010 at 1:57 pm




Experts suggest construction should go ‘green’


QĐND – Friday, December 17, 2010, 20:53 (GMT+7)

It is high time for Vietnam to focus on development of green buildings, an academic and architect told a seminar in HCM City on Dec. 16.


Professor Nguyen Huu Dung explained that the country was in the process of becoming industrialised by 2020 and its rapid rate of urbanisation would mean the population in cities would rise to around 45 percent then from the current 30 percent.


“The construction and real-estate industries need to develop greener alternatives for the current architectural models that require large investments and energy supply but increase pollution,” he told around 200 delegates representing property developers and design and consulting firms.


Many projects overlook the climatic conditions and neglect energy efficiency while choosing construction materials.


The World Green Building Council has said that the construction sector consumes around 40 percent of the world’s energy and generates 30 percent of carbon emissions.


Green architecture refers to building designs that will conserve resources, including energy, land, water, and construction materials, limit pollution, protect the environment, help safeguard the health of consumers and communities, use space logically and efficiently, and ensure a harmonious relationship between human and nature.


Philippe Perruchot, general director of Vina Megastar Land and a consultant in LEED —Leadership in Energy and Environmental Design, (an internationally recognised green building certification system) said green buildings also help improve the corporate image, asset value, risk mitigation and management, worker productivity, and social benefit.


Le Hoang Chau, chairman of the HCM City Real Estate Association (HoREA), said the city has several projects such as the Phu My Hung New Urban Area and Kenton complex project in District 7 that satisfy green building standards with their low construction density and large green and water spaces.


Vietnamese construction regulations on effective energy use in construction released in 2005 is set to be amended early next year to suit the evolving conditions.


Source: VNA


Source: QDND

Road works construction to pause for New Year holidays

In Uncategorized on December 16, 2010 at 2:28 pm




Road works construction to pause for New Year holidays


QĐND – Thursday, December 16, 2010, 21:3 (GMT+7)

The Ho Chi Minh City Department of Transport on Wednesday announced a plan to temporarily halt the construction of road works during the western and lunar New Year celebrations.


Specifically, for the road works involving the installation of technical infrastructure, the construction will be halted from December 31 to January 1, 2011.


Companies have been ordered to urgently restore any road surface that may need repairing, and to clean construction sites well before December 31.


With regard to drainage system upgrading projects, they will be permitted to keep railings around the construction site, but will have to clean the area thoroughly.


During the Tet holidays, the technical infrastructure installation will be ceased from January 18 to February 10.


Execution units have to clean up the sites and restore any road surface that may need repairing before January 26.


Source: SGGP


Source: QDND

Cua Viet storm shelter under construction

In Uncategorized on November 26, 2010 at 1:50 pm




Cua Viet storm shelter under construction


QĐND – Friday, November 26, 2010, 20:40 (GMT+7)

The Quang Tri provincial Department of Agriculture and Rural Development on November 25 began construction of Cua Viet storm shelter for ships and boats in Trieu Phong district with a total investment of over VND104 billion.


The construction is divided into two parts, a southern subdivision covering 34ha and a northern subdivision covering 6ha.   


Both areas will be installed with safety facilities such as independent anchor posts, drainage and drift signal systems, and embankments.


The project, being carried out by PetroVietnam Construction Joint Stock Company No 1, Thanh An Construction Joint Stock Company and Trang Sinh Company Limited, will be put into operation in 2012.


Source: VOV


Source: QDND

65 construction projects awarded Gold Cup

In Uncategorized on November 14, 2010 at 1:59 pm

Construction Corporation No.1 donates VND1.2 billion for flood victims

In Uncategorized on October 21, 2010 at 11:51 am

Construction Corporation No.1’s relief delegation coordinated with Sai Gon Giai Phong Newspaper has recently come to Quang Tri, Quang Binh and Ha Tinh, three hardest-hit provinces by flood to hand over VND1.2 billion (US$60,000).

A representative of the Construction Corporation No.1 offers aid relief packs to flood victims in central provinces. (Photo:SGGP)


The donation was collected from at least one day salary of the corporation staff to support central people.


The corporation also donated many essential goods including blankets, mosquito nets, books, and instant noodles.


Nguyen Tri Manh, deputy general director of Construction Corporation No.1 said he hopes the small act could help people in the central provinces of Quang Tri, Quang Binh and Ha Tinh to repair the damage caused by the flood.


The donation also goes with the heartfelt sympathy for people in need, he added.


Residents in the central provinces were so touched when received relief aid from the company.


Most houses of local people in Thanh Thach Commune in Quang Binh had been swept away by the first spell of flood waters early last week. Residents could only live on relief rice given by local authorities, said a representative from the commune.


The relief delegation also delivered 800 aid relief packs including a blanket and VND500,000 each to help residents at Lien Thuy commune, Quang Binh Province.


Early morning, residents at Son Trach commune, Bo Trach District, Quang Binh Province gathered at the culture house to wait for relief aid and relief food.


However, many communes in Vu Quang District, Ha Tinh Province have been isolated, so residents could not come to receive relief food.


Therefore, representatives from the district People’s Committee received VND400 million to distribute it to residents.

Source: SGGP

Hau River Electrical Center under construction

In Uncategorized on July 20, 2010 at 11:20 am

Construction on the Hau River Electrical Center’s infrastructure in Chau Thanh District of the Hau Giang southern province officially got underway on July 18, said a representative of Vietnam Gas and Oil Group (PVN).

Representatives of Vietnam Gas and Oil Group and Hau Giang Province People’s Committee at the groundbreaking ceremony of construction on the infrastructure of the Hau River Electrical Center on July 18. (Photo:Hanoimoi)


PVN and Hau Giang Province People’s Committee held the groundbreaking ceremony jointly.


With capacity of 5200 MW, the electrical center will become the largest in Vietnam once completed.


The project includes three coal-fired thermal power plants: Hau River 1 with capacity of 1,200 MW, Hau River 2 with capacity of 2,000 MW and Hau River 3 with capacity of 2,000 MW, with investment capital of VND3,983 billion (US$199 million).


It is expected to lay the foundation for the construction of the Hau River 1 Thermal Power Plant in 2011, with a total investment capital of $1.5 billion.


Officials expect the Hau River 1 Thermal Power Plant’s first turbine to begin generating electricity by the end of 2015 and the second one should begin generating electricity by 2016.


On the same day, construction of the Krong No Hydropower Plant kicked off in Dam Rong District, Lam Dong Province, with capacity of 46 MW.


With total investment capital of VND1,150 billion ($57 million), the project is expected to finish in 2013.

Source: SGGP

Int’l hospital construction starts in Quang Ngai

In Uncategorized on June 26, 2010 at 4:43 pm




Int’l hospital construction starts in Quang Ngai


QĐND – Saturday, June 26, 2010, 21:17 (GMT+7)

The construction of Cho Ray-Quang Ngai international general hospital began in the central province of Quang Ngai on June 26.


Health Minister Nguyen Quoc Trieu attended the event.


It is one of buildings celebrating the 1,000th anniversary of Thang Long-Hanoi. The hospital is built on an area of 5 hectares in Tran Phu ward with a total investment capital of over VND880 billion.


The hospital will have 500 sick-beds and will be equipped with technology meeting European standards.


The investor has committed to putting the hospital into operation in August 2012.


Also, on the occasion of its ground-breaking ceremony, the investor presented VND300 million to the provincial fund for Agent Orange/Dioxin victims, and the fund to support poor children.     


Source: VOV


Source: QDND

Construction of HCM-Biotech kicks off

In Uncategorized on May 27, 2010 at 5:07 am

Construction of Vietnam-Cambodia joint hospital starts

In Uncategorized on May 16, 2010 at 5:04 pm




Construction of Vietnam-Cambodia joint hospital starts


QĐND – Sunday, May 16, 2010, 21:29 (GMT+7)

Construction of the Cho Ray – Phnom Penh multiclinic hospital, a joint project between Vietnam’s Saigon Medical Investment Joint Stock company and Sokimex company of Cambodia was started on May 15.


The US$42 million hospital covers an area of 50,000 sq.m in Meanchey district, around ten km from Phnom Penh with 500 beds.


Speaking at the ground breaking ceremony, Vietnam’s Deputy Prime Minister Truong Vinh Trong said the project is new, vivid evidence of the good neighbourly ties and time-honoured friendship between Vietnam and Cambodia.


After coming into operation, the hospital will help improve health care services for Phnom Penh city dwellers in particular and the Cambodian people in general, Mr Trong added.


The hospital is expected to be complete in the next two years and create employment for more than 300 people.


Cambodian PM Hun Sen also praised the project and the cooperation of the Vietnamese government and Ho Chi Minh authorities to realize it. The hospital not only helps Cambodian people save money and time that they would have had to spend on treatment abroad, but also create an opportunity for local doctors to work with their peers at Cho Ray hospital in Ho Chi Minh city, thereby improving their professional skills, he added.

Earlier on May 14, the Vietnamese-invested Bank of Investment and Development of Cambodia (BIDC) handed over a floating school on Bien Ho lake to overseas Vietnamese living in Chhnok Trou commune, Boribo district of Kampong Chhnang province.

Source: VOVNews/VNA

Source: QDND