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Doosan Creates New Model for Shared Growth in Vietnam

2017. 06. 19

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- Doosan signs agreement with partners to provide site for factories and consulting on advancing into foreign markets
- Increased competiveness in winning new orders likely to help increase partners’ sales performance and create more jobs

  • □ Doosan Heavy Industries & Construction (hereinafter “Doosan”) announced on June 18 that it had signed a partnership agreement with its partners to help them successfully advance into the Vietnamese market. The signing ceremony was held at Doosan Vina, the company’s Vietnamese subsidiary, which is located in the Dung Quat Industrial Complex, an industrial complex situated in the middle-east region of Vietnam. In attendance at the event were Myungwoo Kim, President of Doosan Heavy Industries & Construction; Yeonin Jung, CEO of Doosan Vina; and representatives of five partner firms, including Jong-hoon Bae, CEO of Nasan Electric Industries.

  • □ Under the agreement, Doosan will provide consulting services on administration, finance, management, and personnel affairs to help partner firms effectively set up local entities and factories on land owned by Doosan Vina. The company will also assist partners with securing financial incentives, including a reduction of the corporate tax and income tax, all through consultation with the Vietnamese administrative offices concerned.

  • □ The partners will thus have the foundation to win orders directly from local companies in Vietnam, and will likely be able to see sales growth and the creation of jobs by penetrating the Vietnamese market, in which construction of new power plants with a combined output of 100GW is scheduled to be complete by 2030.

  • □ In order to assist the partners’ entry into Vietnam, Doosan Vina will hold consultations with the Dung Quat Economic Zone Authority in Vietnam, provide assistance with administration, employment, technology and customs clearance, which is a necessary step required for construction of the plants. McQs (CEO Chan Yoo), a professional consulting firm that offers consulting services for small and medium-sized enterprises, will present the partners with diverse information and solutions needed for early decision-making, including the development of scenarios for the different phases of market entry, and the fixing of investment volume, production items and the production line set-up to ensure they are able to avoid unnecessary errors.

  • □ Jong-hoon Bae, CEO of Nasan Electric Industries said, “The reality is that a small or medium-sized company working alone finds it very challenging to enter a foreign market.” He added, “Through the recently signed agreement in Vietnam, we expect to increase our sales performance by successfully winning new orders in the local market.”

  • □ President Myungwoo Kim of Doosan Heavy Industries & Construction remarked, “The agreement is meaningful in that we can help our partners strengthen their competitiveness to secure orders in foreign markets as well.” He added, “We plan to help partners enter India as well after assisting with their entry into the Vietnamese market.”

  • □ Meanwhile, with the Korean government providing support as well, as shown in how the agreement has been selected as one of the ‘Programs for Large Conglomerates and SMEs’ Joint Entry into Foreign Markets,’ which is run by the Conglomerates-SMEs Farming & Fisheries Cooperation Foundation under the Small and Medium Business Administration, Doosan expects that the efforts for cost saving and entry into the Vietnamese market will pick up pace.

Myungwoo Kim, President of Doosan (fourth from left); Yeonin Jung, CEO of Doosan Vina(second from left); and representatives of five partner firms, including Jong Hoon Bae, CEO of Nasan Electric Industries(sixth from left), pose for a commemorative photo after signing a memorandum of understanding on cooperation for joint advancement into Vietnam.