At the signing ceremony. — VNA/VNS Photo
HCM CITY – Hòa Bình Construction Group and the Republic of Korea (RoK)’s Hyundai Elevator Co Ltd have agreed to become strategic partners.
The agreement was reached at a ceremony in HCM City on Tuesday,.
Hyundai Elevator committed to providing products at competitive prices for Hòa Bình and helping the group bid for big contracts.
The Korean business will buy 25 million shares, worth VNĐ575 billion (USS$24.7 million), from Hòa Bình.
The Vietnamese group’s shareholders general meeting approved the issuance of the shares, with the proceedings to be used to supplement capital for production and business activities of Hòa Bình.
A representative of Hòa Bình said the partnership will boost the group’s growth in various areas and improve its prestige both at home and abroad.
Hòa Bình is the only construction company in Việt Nam that has received the Việt Nam Value award six times.
Hyundai Elevator leads the RoK’s elevator industry, with 44 per cent of the market share. – VNS