Kumho Asiana’s big plans

December 13, 2007 | 17:38

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Kumho Asiana hopes to become Korea’s largest investor in Vietnam with total investment capital of $8 billion. The new figure is double the amount revealed by Kumho Asiana chairman Park Sam Koo in July.

“The additional money will be poured into a super-project in Hanoi’s Me Tri complex,” Park said, adding that the project would comprise of exhibition and trading blocks, shopping malls and housing buildings.
During a previous visit to Vietnam, Park announced a plan to develop the existing Giang Vo exhibition centre into a Culture-Trading Centre at a cost of $2.5 billion. The exhibition centre in Giang Vo will be moved to Me Tri as one of a series of construction works there.

Kumho Asiana is waiting for the government’s approval but the company might have to take part in a competitive bid, he said.
“Although we may have to fight for the projects, we are confident we’ll win,” he said.
“With these investments, Kumho Asiana will replace Posco as the biggest Korean investor in Vietnam,” Park told a press conference to launch the $2 million Kumho Asiana Vietnam Scholarship & Cultural Foundation last week.
Kumho Asiana’s planned total investment of $8 billion is equal to the total registered investment in Vietnam by all Korean investors by late 2006, and just a bit less than the total Japanese investment inflows into Vietnam as of October.

“In the long-term, Kumho Asiana will focus on the construction of buildings, hotels, trade centres and urban areas,” said Park.
Another major real estate project expected to start soon is the Tay Ho Tay new urban area in Hanoi, which will cover 270 hectares and cost $300 million. As planned, it will be developed by Daewoo Construction, one of 38 subsidiaries of Kumho Asiana.

Kumho Asiana has been in Vietnam since 1993 via its affiliate Asiana Airlines. To date, it has poured $940 million into the country, focusing on real estate, automobile tires and airlines.

By Dong Hoa

vir.com.vn

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