S. Korea builder wins $1.76 bln order from Vietnam

TN News

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Hyundai Engineering and Construction, South Korea's largest builder, said Tuesday it has won a US$1.46 billion (S$1.76 billion) order to build two power plants in Vietnam.

The deal with the Vietnamese government calls on Hyundai Engineering to complete the coal-powered plants at Mong Duong, 250 kilometers northeast of Hanoi, by August 2015, the company said in a statement.

The plants with a total capacity of 1,000 megawatts will help resolve a chronic power shortage in the Southeast Asian country, it said, adding the project would be mostly funded by the Asian Development Bank.

The deal brought the builder's overseas contracts so far this year to $3.8 billion.

It was Hyundai Engineering's biggest order since Hyundai Motor acquired a controlling stake in the builder in April following a bitter family feud over the former Hyundai empire.

The giant group was split into separate units after the death of its billionaire founder Chung Ju-Yung in 2001.

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