Daewoo E&C said that, from April 21 to April 24, Chmn. Jung Won-ju visited Vietnam as a member of an economic delegation accompanying President Lee Jae-myung, on a visit.
During the latest visit, Jung participated in the official economic delegation and shared the contractor’s achievements and experiences in the Vietnamese development project and construction markets.
He also contributed to expanding amicable relationships between Korea and Vietnam and devoted himself to fulfilling a civilian diplomat’s role by attending a ceremony for the completion of “B3CC1 Multi-purpose Development Project” and a ceremony to strike an MOU on a datacenter.
Vietnam is a core strategic market for Daewoo E&C’s overseas development business.
The contractor is leading the Starlake City development project, a success story example of a Korean-style new town export, and it is also undertaking urban development projects in Kien Giang, Hung Yen Province, and Nhon Trach, Dong Nai Province.
The projects call for Daewoo E&C to build convergence smart cities encompassing not only housing, commercial facilities and educational infrastructure but also culture like the construction of an area.
The contractor plans to enter a variety of fields encompassing nuclear power, high-speed railway and datacenter - beyond urban development in the future.
On April 22, Daewoo E&C Chmn. Jung participated in a ceremony for the completion of the B3CC1 Multi-purpose Development Project.
Among those on hand at the event were Korean and Vietnamese notables, including Minister of Land, Infrastructure and Transport Kim Yoon-deok, Vice Chairman of the Hanoi People’s Committee Trung Viet Dung, Chairman of the Vietnam Construction Association Nguyen Quoc Hiep, Chairman Han Man-hee of the International Contractors Association of Korea, and KIND President Kim Bok-hwan.
The project comprises a massive complex with two 35-story towers with three basement floors. It has a total floor area of 211,462 square meters and houses offices, a hotel, and commercial facilities.
A consortium of Korean companies, led by Daewoo E&C participated in the whole process of the project, ranging from implementation and investment to construction.
The eight Korean companies, including Daewoo E&C, Korea Development Bank, and KB Securities, participated as investors. The hotel and residences, to be operated by Hotel Shilla, are scheduled to open in October 2026.
In his speech at the event, Chmn. Jung said, “The B3CC1 multi-purpose development project is very meaningful as a symbol of Korean-Vietnamese economic relationships, and I extend gratitude to the Vietnamese government, Hanoi City officials, and Korean government and related organizations who offered full support for the success of the project.”
On the same day, Chmn. Jung had a meeting with CEO Le Ngoc Lam of the Vietnam Investment and Development Bank (BIDV) at BIDV headquarters.
The former explained the contractor’s business plans and requested the latter’s cooperation and investment. BIDV is Vietnam’s representative state-rum commercial bank.
BIDV is a key financial partner which participated in Daewoo E&C’s major development projects, such as the Startlake City.
On April 22, Jung attended the official schedule of the economic delegation, starting with a state dinner at the Hanoi Guest House, that included the Korean-Vietnamese Business Roundtable and Korean-Vietnamese Business Forum on April 24.
Daewoo E&C Logs 1,951.4 Billion Won in Sales and 255.6 Billion Won in Operating Profit in Q1
In an electronic notice on April 28, Daewoo E&C announced preliminary figures of the business performance for the first quarter of this year.
The contractor chalked up 1,951.4 billion won in sales, 255.6 billion won in operating profit and 195.8 billion won in net profit.
That exceeds the market consensus under FnGuide (operating profit 121.3 billion won, net income 69.3 billion won).
The results appear to have improved after carrying out a so-called “big bath” to clean up accumulated bad assets from last year at once.
Sales fell 6 percent from a year earlier to 1.9514 trillion won.
By business segment, sales were: 1.2732 trillion won in the building business division; 350.6 billion won for the civil engineering business division; 284 billion won for the plant business division; and other consolidation subsidiaries recorded 43.6 billion won in revenue.
A Daewoo E&C official said, “Operating profit increased as profitability in the building business improved, with sites that started during a period of rising construction costs being completed in sequence.”
The official added, “External uncertainties, including geopolitical risks in the Middle East, are growing, but we will achieve this year’s goals through thorough risk management and by driving performance with high value-added projects.”
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