Doosan Group Chairman Park Yong-maan

Doosan Group Chairman Park Yong-maan said in his New Year’s message, “This year will be a very critical time because the global economic recovery is in sight in terms of the business environment.” Park stressed the need for plans to prepare for the upcoming recovery phase.

Park said the survivors of past economic crises were able to split the fruits from a recovery, but things will change this time since most companies have survived the crisis, so the recovery itself will not bring benefits to all of them. He went on to say that the size of the fruits will hinge on how much any company has planned in advance. “It is clear that only those who are ready will seize more market opportunities.” 

“There’s not much time left for us before the recovery cycle begins, and we have to devote ourselves fervidly to surpassing top-tier companies,” said the chairman, adding, “We should reflect on products, technology, and the way work is done once again and finish up our preparations (for the recovery) within this year.”

He was referring to “The Doosan Way,” the business group’s corporate culture and credo, which marks this year the third year since its debut. Chairman Park stressed the need for translating into action the credo beyond simply understanding it. 

Doosan Heavy Industries & Construction Wins $1.5 Billion Thermal Power Plant Project in Vietnam 

Doosan Heavy Industries & Construction has won a $1.5 billion project to construct a coal-fired thermal power plant in Vietnam. 

Doosan Heavy Industries & Construction signed a contract to build the 1,200 MW (600 MW x 2) Vinh Tan 4 coal-fired thermal power plant with Vietnam Electricity Group (EVN) in the capital, Hanoi, on December 23. In attendance at the ceremony were Chairman Hoang Quoc Vuong of EVN and Executive Vice President Kim Hun-tak of Doosan Heavy Industries & Construction, among others. 

The Vinh Tan 4 coal-fired thermal power plant will be constructed in Binh Thuan, some 230 kilometers east of Ho Chi Minh City. Doosan Heavy Industries & Construction will conduct the entire project, from the design and production of equipment and materials to their installation and test operation, under the EPC method. The project is scheduled for completion in June 2018. 

This is the company’s second large-scale project following its acquisition of the contract for the 1,200 MW (600 MWx 2) Mong Duong 2 Thermal Power Plant, which is under construction. As such, the company is expected to gain the upper hand in the race for the Vietnamese power market, which is worth an estimated $38.1 billion (35GW), by 2017. 

Executive Vice President Kim said, “The acquisition of the Vinh Tan 4 power plant project is set to significantly elevate Doosan Heavy Industries & Construction’s position in the Asian power market, including India, Thailand and Indonesia.” He added, “By making the most of Doosan Vina, the power facility production base established in 2009 in Dung Quet, Vietnam, we will further accelerate our drive to enter the Asian power market.”

I didn’t understand what that sentence was referring to. Also, it was too long.