AMCO, Construction of large capacity complex resort in Vietnam
Hyundai Engineering 2008/09/26프린트
Hyundai Engineering 2008/09/26프린트
- Construction of new city including 27-hole golf course on 6.37 million ㎡ (1.93 million pyeong) of land in Hai Phong City
- Land size is more than 2 times the total land area of Yeido. Total investment of 1.7 Trillion Korean won by 2015
- Establishment of leisure, residential, commercial facilities, as well as silver town and other facilities
- Acquired exclusive right to develop and use the land for the next 50 years from the Vietnam government
- First independent overseas development project, outgrowing from the customary practice of doing construction works of the Group.
AMCO, subsidiary construction company of Hyundai Motor Group of Companies, and Mibaek Industries, an overseas development company of Mibaek Group of Companies, are embarking on construction of the biggest complex resort in the history of Vietnam.
AMCO (Representative Director: Kim, Chang Hee. www.amco.co.kr) and Mibaek Industries
(Representative Director: Park, Seon Nam) held 『Ground-breaking ceremony』 and 『Presentation ceremony for certificate of investment approval』 from the Vietnam government, in Thuy Nguyen, Hai Phong City, Vietnam on the 25th, for the construction of large capacity complex resort, attended by more than 300 dignitaries including Mr. Kim, Chang Hee, the vice-chairman of AMCO, Mr. Park, Seon Nam, president of Mibaek Industries, Mr. Trinh Quang Su, mayor and chairman of people’s committee
of Hai Phong City, and Mr. Nguyen Van Thuan, secretary-general of communist party of Hai Phong City.
This resort, which will be constructed on 6.37 million ㎡ (1.93 million pyeong) of land in the general region of GIA River in Hai Phong City, is the biggest in size as a single complex resort construction project in Vietnam. Total of 1.7 Trillion Korean won will be invested by 2015 and a new city that encompasses 27-hole golf course, condominium, hotel, villas, international hospital, international school, theme park, silver town and business town will be constructed.
Total area of this land, located in the general region of Gia River that flows through the urban center
of the Hai Phong City, is more than 2 times the total land area of Yeido (890,000 pyeong) in Korea.
In addition, AMCO and Mibaek Industries, by acquiring the certificate of investment approval
from the Vietnam government, acquired rights to develop and use the land for 50 years initially.
This certificate enables extension of the said rights through separate discussions in the future.
Although Korean construction companies performed singular projects such as construction
and sales of apartments, and road construction in the Vietnam, AMCO is the first Korean construction
company that directly acquired rights to develop and use land for 50 years until 2058
from the Vietnam government.
In particular, this complex resort development project is differentiated from the cases of constructing
and selling by Korean construction companies in overseas country in that AMCO will directly operate
the resort in long term after having secured the rights to develop and use the land by AMCO
and Mibaek Industries, as well as constructing and selling the resort.
Accordingly, AMCO and Mibaek Industries will develop and complete 27-hole golf course, condominium and villas on 320,000 pyeong out of total of 1.93 million pyeong of land by June 2010
as the 1st phase of the development, and diverse range of leisure facilities (theme park, traditional
cultural village and wedding park), residential facilities (houses, villas and apartments), commercial
facilities (hotel, shopping center and offices) and silver town and other facilities (school and hospital)
will be developed by 2015 on the remaining 1.61 million pyeong of land.
AMCO executed agreement with the Vietnam government at the end of 2006 for the project and jointly
established, in 2007, the local corporation, AMB (AMCO Mibaek Vina Co., Ltd.), and liaison office in Seoul with Mibaek Industries (Representative Director: Park, Seon Nam) of Korea, which is also pursuing development business in Vietnam.
During the ground-breaking ceremony, Mr. Kim, Chang Hee, Vice-chairman of AMCO, stated that “this project in Vietnam is the first overseas development project pursued independently by
AMCO by outgrowing the customary practice of pursing construction works given by the Hyundai Motor Group” and that “we will be ranked within top 10 of construction companies in Korea by 2010 by accelerating our entry into overseas market including Cambodia and Turkmenistan.”
Hai Phong City is located at the gateway to the Ha Long Bay, which is registered as a World Cultural Heritage, and is the strategic locations for port, distribution and tourism industry as the 3rd ranked city in Vietnam, after Hanoi and Ho Chi Minh.
1. Mr. Han, Seon Gyo, Mr. Lee, Hwa Soo and Mr. Kim, Sung Soo, who are members of National Assembly of Korea, and Kim, Chang Hee, the representative director and vice-chairman and Mr. Cho, Wei Geon, vice-president, from the left, are shoveling in commemoration of the ground-breaking ceremony.
2.Mr. Trinh Quang Su, the mayor of Hai Phong City, Hoang Cong Ngon, the current secretary of the communist party in Hai Phong City, Mr. Han, Seon Gyo, Mr. Lee, Hwa Soo and Mr. Kim, Sung Soo, who are members of National Assembly of Korea, and Kim, Chang Hee, the representative director and vice-chairman and Mr. Cho, Wei Geon, vice-president, from the left, are shoveling in commemoration
of the ground-breaking ceremony.