return icon

S. Korean contractor disowns debt of VND44-bililon to Vietnamese firms

VietNamNet Bridge – South Korean company, Hyupjin Vina, has refused to pay debts totalling VND44 billion to 39 Vietnamese sub-contractors of the five-star Mariott Hotel project, instead shifting responsibility to the project’s main contractor,

VietNamNet Bridge – South Korean company, Hyupjin Vina, has refused to pay debts totalling VND44 billion (USD2.09 million) to 39 Vietnamese sub-contractors of the five-star Mariott Hotel project, instead shifting responsibility to the project’s main contractor, Hyundai Engineering & Construction Company.

South Korean contractor denounced for USD2.1 million debt refusal


The five-star Mariott Hotel project in Hanoi.



The Vietnamese sub-contractors provided materials, equipment and thousands of workers for the completion of the five-star Mariott Hotel project in My Dinh Commune, Tu Liem District, Hanoi. When the project is completed, however, Hyupjin Vina suddenly filed for bankruptcy and refused to pay their debt.

Hyupjin Vina has said that the project’s main contractor, Hyundai Engineering & Construction Company, refused a payment to them of USD3.5 million, and so are unable to pay the Vietnamese partners.

Yet Kim Byung Joo, Director of Marriot Hanoi Hotel Project, who is also the representative for Hyundai Engineering & Construction Company, claims that his company has paid the entire debt of USD3.5 million in monthly installments.






Kim Byung Joo added, “By July 2012, Hyupjin proposed that Hyundai transfer over VND4.7 billion (USD223,809) for them to continue buying materials and equipment. After receiving the money, Hyupjin did not fulfill their commitments so we terminated the contract."

By this time Hyupjin still owned Hyundai more than USD2 million from advanced payments.

Hyundai claimed that they were also a victim of Hyupjin and said they were not responsible for their debts.

Source: DTriNews


Aviation industry forecast to fully recover in 2025

It is not until 2025 that the local aviation sector can fully recover due to rising fuel prices and the slower-than-expected reopening of international markets, according to domestic airlines.


Hanoi airport faces serious congestion during summer peak

Hanoi and Hoi An among Top 25 Overall Experiences in Asia

Motorbike tours around Hanoi and cooking classes in Hoi An have made it into the Top 25 Overall Experiences in Asia, as voted on by readers of TripAdvisor.

Vietnam, Hungary seal judicial cooperation deal for 2022-2023

Vietnamese Minister of Justice Le Thanh Long and his Hungarian counterpart Judit Varga on June 27 signed a cooperation programme between the two ministries for the 2022-2023 period.

India conglomerate pledges to invest 10 billion USD in Vietnam

A joint venture between India’s Adani Group and Vietnam’s Anh Phat Investment Construction & Trading JSC has been approved by authorities of Da Nang to start studying the development of a major seaport in the central city.


Govt approves appointment of contractors for North-South expy project

HCM City hi-tech park to speed up investment procedures

HCM City will focus on helping businesses invest in the Saigon Hi-tech Park in Thu Duc City by addressing slow administrative procedures, a conference on facilitating investment heard on June 27.

Korea, Vietnam to mark 30th anniversary of relations with cultural events

The Korea Content Creation Agency in Vietnam will organise a series of cultural-entertainment events this year to commemorate the 30th anniversary of the establishment of diplomatic relations between the two countries.

HCM City to promote AI in education sector

HCM City will need to promote the application of Artificial Intelligence (AI) in the education sector as part of its effort to become a smart city by 2030, experts said.

Additionally-registered and share-purchased FDI soars sharply in first half of 2022

Despite newly-registered FDI dropping in the first half of the year, additionally-registered and share-purchased investments increased significantly on-year.

Vietnam joins hands with France to renovate Hanoi’s Long Bien bridge

Vietnamese and French experts will join hands to renovate Hanoi City’s deteriorating Long Bien Bridge in the coming months.

Lessons learned from urban railway projects

The urban railway projects that have been and are under construction are all behind schedule, so the total investment must be adjusted.

Prices hit record high, Vietnam earns big money from catfish

Export prices have been escalating in all markets and hitting new records in the US. Vietnam’s catfish export turnover is expected to reach $2.6 billion this year, the highest in history.

Phu Dien Cham Tower in Vietnam sets world record

The central province of Thua Thien – Hue on June 27 held a ceremony to mark WorldKings’ recognition of Phu Dien Tower built by the Cham people as a world record.

Explosive e-commerce growth drives demand for logistics

The rapid growth in e-commerce is driving an unprecedented increase in demand for logistics services, including express delivery services, according to industry insiders.