FECON AND POWERCHINA ENTER INTO COMPREHENSIVE STRATEGIC COOPERATION TO PROMOTE KEY INFRASTRUCTURE DEVELOPMENT IN VIETNAM

FECON Joint Stock Company is in the Top 10 prestigious Construction Contractors in Vietnam and Power Construction Corporation of China (PowerChina) - the Group ranked 105th in the list of the world's 500 largest enterprises according to Fortune Magazine in 2023, has just signed a Memorandum of Understanding (MoU) on comprehensive strategic cooperation, marking an important milestone in the cooperative relationship, jointly developing billion-dollar projects in the future between the two enterprises.

The signing ceremony took place in the context that the Vietnamese government is resolutely making strategic breakthroughs in investing in a modern, synchronous infrastructure system, creating a strong driving force for economic development, including transportation infrastructure, modern, synchronous urban infrastructure, and energy infrastructure towards zero carbon by 2050. The Memorandum of Understanding is the basis for strengthening bilateral cooperation in strategic infrastructure fields while opening a new phase of cooperation between the two sides through optimizing resources, sharing resources, and exploiting business opportunities in the Vietnamese and international markets. 

According to the content of the MoU, FECON, and PowerChina agreed to cooperate in key areas including urban railway projects, high-speed railways, transit-oriented urban development (TOD), sea encroachment, seaports projects & logistics; energy infrastructure projects such as liquefied natural gas (LNG), nuclear power, offshore wind power, large-scale pumped energy in the Vietnamese market and other countries in the region.

Speaking at the event, Mr. Pham Viet Khoa - Chairman of the Board of Directors of FECON, emphasized that the signing of the MoU is not only an affirmation of the strategic cooperation relationship between FECON and PowerChina but also an important step towards realizing Vietnam's national key projects, serving the country's sustainable development. FECON is committed to making the most of its strengths in science and technology, human resources, and local knowledge to help PowerChina effectively implement projects within the framework of cooperation.

On PowerChina’s side, the group's representative expressed confidence in the capacity of FECON - a Vietnamese enterprise with a lot of experience and reputation in the fields of foundations, underground works, and infrastructure. The close cooperation with FECON will facilitate PowerChina to expand its presence in the Vietnamese market while contributing to key projects in Vietnam with advanced technology and global resources.

This agreement is not only a strategic step to strengthen the position and competitiveness of both parties but also contributes to realizing the vision of developing a modern, synchronous infrastructure system nationwide, especially railway, seaport, logistics, and large-scale power projects.

Power Construction Group of China (PowerChina) operates in many industries and fields such as master planning, survey and design, construction and installation, scientific and technological research and development, construction management, consulting and supervision, production and operation of investment in hydropower, coal-fired power, gas-fired power, and renewable energy projects. In the field of transportation, PowerChina has implemented 2,000km of high-speed railways and nearly 1,000km of urban railways in China and other countries around the world. In addition, PowerChina also participates in other infrastructure construction sectors such as waterway ports, airports, housing, industrial parks, waste treatment, etc. 

According to Fortune Magazine, in 2024, the Group ranked 105th in the list of the world's 500 largest enterprises and ranked 32nd out of the top 500 enterprises in China. PowerChina operates in 130 countries and has a revenue of approximately USD 100 billion. PowerChina Railway Company, a subsidiary of PowerChina Group, contributes an annual revenue of about USD 5 billion to the Group.

As for FECON, this is a leading enterprise in Vietnam in the field of foundation construction, underground works, and infrastructure. FECON is the first Vietnamese contractor to directly participate in the construction and operation of Tunnel Boring Machines (TBM) on the Nhon - Hanoi Railway Station urban railway line, and the Ben Thanh - Suoi Tien line in Ho Chi Minh City. This enterprise has participated in many national key projects such as Nghi Son Oil Refinery project, Long Son Petrochemical project, Hoa Phat Dung Quat Steel Complex project, thermal power projects nationwide, wind power and solar power projects in Quang Binh, Binh Thuan, Soc Trang, Tra Vinh; large seaport projects such as Lach Huyen 5, 6 port in Hai Phong, My Thuy port in Quang Tri or Baria Serece port in Ba Ria - Vung Tau, along with a series of other large industrial and infrastructure projects. FECON's vision is to become the leading construction and infrastructure development group in Vietnam by 2030, with a vision for 2040 strongly accompanying one of the government's three strategic breakthrough actions: the development of a modern and synchronized national infrastructure system.