Hyundai Planning on $420m Underwater Tunnel in Vietnam

Hyundai Planning on $420m Underwater Tunnel in Vietnam

Hyundai Engineering & Construction has entered into talks with the government of Quang Ninh Province in the north of Vietnam over the excavation of a 2.1km underwater tunnel across the mouth of Ha Long bay.

Hyundai presented a specific business plan at the meeting. The total construction cost is estimated at 504.6 billion won, the total length of the facility is estimated at 2,750 meters, the total length of the tunnel section is estimated at 2,140 meters, and the facility is likely to be a six-lane road. In addition, the tunnel is going to be located 17 meters below the water surface once completed in 2025 based on a public-private partnership.

In fact, the two regions are already connected via the Bai Chay Bridge. However, additional infrastructure has been called for with the local traffic volume increasing.

Industry insiders are saying that the project of Hyundai is highly likely to be actually launched. This is because Thanh Cong Group, one of Hyundai’s local partner companies, is engaging in industrial complex construction in the regions.

In February this year, Hyundai and Thanh Cong signed a memorandum of understanding on transportation and industrial infrastructure development in Vietnam. At that time, Hyundai Engineering & Construction vice chairman Chung Jin-haeng and Thanh Cong Group chairman Nguyen Tuan Anh discussed joint venture establishment as well.

← 9 pre-sale consents issued South Korea’s GS E&C to fund half of $1.4 bn petrochemical plant in Turkey →

Comments are closed