en.Wedoany.com Reported - On March 31, China Huashui Construction and the Construction Department of Thanh Hoa Province, Vietnam, formally signed a Memorandum of Understanding for investment cooperation. With a total project investment reaching $2 billion, the two parties will engage in deep collaboration in the field of urban infrastructure. Jin Liang, Chairman of the Board of Huashui Construction, and Lai The Khai, Deputy Director of the Thanh Hoa Provincial Construction Department, jointly attended the signing ceremony.
As a leading enterprise in China's urban infrastructure sector, Huashui Construction's business spans multiple countries and regions worldwide, boasting extensive experience in urban infrastructure planning, construction, and operation. The Thanh Hoa Provincial Construction Department is one of Vietnam's core departments driving industrialization and modernization, and has been continuously intensifying efforts to attract foreign investment in recent years. This collaboration marks the second time the two parties have joined hands in the field of urban infrastructure development, following their joint advancement of an industrial park infrastructure project in Thanh Hoa Province in 2018. In the previous round of cooperation, they jointly completed the infrastructure construction for the first phase of the park covering 10 square kilometers, attracting over $500 million in foreign investment.
According to the agreement, Huashui Construction will provide funding, technology, and project management expertise, responsible for the overall project planning, design, and construction. The Thanh Hoa Provincial Construction Department will oversee land approval, administrative coordination, and local resource integration. The project is planned to proceed in three phases. The first phase, with an investment of $800 million, is scheduled to commence in 2025, focusing on constructing urban infrastructure such as residential facilities supporting the industrial park, commercial centers, and transportation networks. It is expected to serve a population exceeding 100,000. The two parties will establish a joint working group and hold coordination meetings quarterly to ensure the project progresses according to schedule.
The target customers encompass multinational manufacturing enterprises, local small and medium-sized enterprises, and residents. In terms of competitive landscape, surrounding provinces of Thanh Hoa have also increased investment in urban infrastructure in recent years. However, this cooperation leverages Huashui Construction's full industrial chain capabilities and Thanh Hoa's policy support to form a differentiated advantage. The cooperation does not include exclusivity clauses but clearly prioritizes projects jointly planned by both parties.
This cooperation will increase Huashui Construction's market share in Vietnam's urban infrastructure sector to 15% and grant it priority negotiation rights for Thanh Hoa's urban infrastructure projects over the next 10 years. Thanh Hoa Province, through this initiative, will introduce international standards and accelerate its industrialization process. It is estimated that upon full project completion, it will boost local GDP growth by 3%-5%. Chinese urban infrastructure construction enterprises are deeply participating in the Southeast Asian market through a "technology + capital" model, which may drive the transformation of regional urban infrastructure technology routes towards intelligence and green development.
Lai The Khai stated that Thanh Hoa Province will, in accordance with laws and regulations, coordinate all functional departments to provide comprehensive service guarantees for the project. Jin Liang pledged that the group will strictly comply with Vietnamese laws and regulations, advance the project to high standards, and make positive contributions to the economic and social development of Thanh Hoa.
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