The MoU signing ceremony between the International Contractors Association of the RoK and the Vietnam Association of Construction Contractors on June 22. (Photo: VNA)

Hanoi – The International Contractors Association of the Republic of Korea (RoK) (ICAK) and the Vietnam Association of Construction Contractors (VACC) signed a memorandum of understanding on June 22, during an ongoing State visit by President of the RoK Yoon Suk Yeol.

ICAK Chairman Park Sun-ho said the two associations have made substantial contributions to their countries’ relations in the field of construction, noting that under the MoU, enterprises of both sides will build new plans to further develop their partnerships in construction.

He expressed his hope that with the RoK’s experience in developing infrastructure and underground structures, the countries can jointly carry out projects.

Following the signing, the two sides will discuss with each other to make plans on the projects that can be carried out in the time ahead, he went on, adding that ICAK hopes to receive suggestions from the VACC and construction companies of Vietnam.

For his part, VACC Chairman Nguyen Quoc Hiep said in the field of investment and construction, a number of leading Korean enterprises have been present in Vietnam for many years such as Samsung, Hyundai, and Dong A. With their rich experience, Korean firms have been gaining a foothold in the Vietnamese market.

Hiep described the MoU signing as a special milestone in the ties between Vietnamese and Korean construction companies as it will open up opportunities for cooperation and mutual assistance in such areas as construction technology, bidding, material supply, and manpower training.