POSCO E&C uses Vietnam as a springboard for its Southeast Asia business

POSCO E&C, a subsidiary of the largest steel producer in Korea, specializing in the construction of steel plants and urban development facilities, marked two decades of business in Vietnam. The construction firm has built a luxury shopping center in Ho Chi Minh City and the Poslilama Iron and Steel Works in Long Thanh, 60 kilometers from the capital.

“Over the past five years, Vietnam has become one of the most attractive destinations in Southeast Asia. The country is famous for fresh construction projects in the civil sector, infrastructure, road and bridge construction, industry and energy, ”said a company spokesman.
Taking into account the accumulated experience as a builder of POSCO metallurgical plants, construction contracts were obtained in the countries of South-East Asia. The company formed a joint venture with local firm Vinaconex in 2006 and is pursuing a development project for the region west of Hanoi.

They also took part in various projects to improve the country's infrastructure, such as the 80 km road project and the high-speed metro line. Bearing in mind the importance of the country in Southeast Asia, the company has established its own business unit to carry out and oversee all construction projects in the area.

Hwang Tae Hyun, newly appointed CEO of POSCO E&C, visited Vietnam in May and stressed that the firm is not only chasing profit, but also building partnerships and collaborations with Vietnam. “In addition to a comprehensive development policy, the company is positively involved in the process of improving the quality of infrastructure, as well as contributing to the industrialization, modernization and urbanization of the country,” he said.