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The agreement was reached at a ceremony in HCM City on Tuesday,.
Hyundai Elevator committed to providing products at competitive prices for Hoa Binh and helping the group bid for big contracts.
The Korean business will buy 25 million shares, worth VND575 billion (USS$24.7 million), from Hoa Binh.
The Vietnamese group’s shareholders general meeting approved the issuance of the shares, with the proceedings to be used to supplement capital for production and business activities of Hoa Binh.
A representative of Hoa Binh said the partnership will boost the group’s growth in various areas and improve its prestige both at home and abroad.
Hoa Binh is the only construction company in Viet Nam that has received the Viet Nam Value award six times.
Hyundai Elevator leads the RoK’s elevator industry, with 44 per cent of the market share.