South Korean Firm Wins Vietnamese US$150 Million Highway Deal

Mar. 27 – The POSCO Engineering and Construction Co. has won the bid for a VND2.55 trillion (US$150 million) contract with the Vietnam Expressway to build a 27-km section on the highway connecting Hanoi and the northern province of Lao Cai, in Northern Vietnam.

The project spanning 40 months will build bridges, a water drainage system and traffic safety facilities. It will be funded by money borrowed from the Asian Development Bank Fund amounting to US$200 million, US$896 million from the Ordinary Capital Resource loans and domestic bonds worth US$153 million.

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