Aju Business Daily

SEOUL -- Hyundai Elevator, the largest elevator and escalator producer in South Korea, forged a strategic partnership with a major construction group in Vietnam to become its third-largest shareholder through the acquisition of shares.

Hyundai Elevator said Tuesday that it has acquired an 11.3 percent stake in HoaBinh Construction Group (HBC), the second largest builder in Vietnam that built the Vietin Bank Tower in Hanoi. Financial terms were not given.

For its construction projects, HBC agreed to use Hyundai Elevator's products. Hyundai Elevator CEO Jang Byung-woo said that the alliance with HBC would be a momentum for his company to expand its presence in Vietnam.

"With the partnership between the two companies, we will be able to achieve the best results not only in Vietnam but also in overseas high-rise projects," HBC chairman Le Viet Hai was quoted as saying.