Export insurer to provide US$300 mln for Vietnamese plant project

SEOUL, May 29 (Yonhap) -- South Korea's state-run export insurer said Friday that
it will provide US$300 million to help build two industrial plants in Vietnam.

The project financing deal will be used to help Hyundai Engineering Co. and
Hansol EME build factories in the Southeast Asian country, Korea Export Insurance
Corp. (KEIC) said.
Hyundai is engaged in building the Dung Quat petrochemical plant for Vietnam's
state operated Petrovietnam, while Hansol has secured a deal to construct a paper
mill for An Hoa Paper JSC. Each project will get $150 million in support.
KEIC said the project financing arrangement to be signed on the eve of the June
1-2 special summit between South Korea and the 10-member Association of Southeast
Asian Nations on South Korea's southern island of Jeju, is important because both
Petrovietnam and An Hoa Paper plan to build more factories down the road.
"The latest agreement should allow more business opportunities for South Korean
contractors in Vietnam," a spokesman for the insurance corporation said.
South Korean companies enjoy global competitiveness in industrial plant
construction having extensive experience in the sector since the 1970s.
yonngong@yna.co.kr
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