Ssangyong Engineering and Construction Co. on Wednesday signed the contract to build part of the Southern Coastal Corridor Project that runs from Vietnam to Thailand, reentering the Vietnamese market after 11 years.

Since the completion of the Dami Dam in Bao Lac in the northern part of the Southeast Asian country in 2000, Ssangyong E&C has not carried out any projects in Vietnam.

Under the $47.3 million project, Ssangyong E&C will build the 31 kilometer stretch of road linking Thu Bay and Kenh in southern Vietnam, as part of the Southern Coastal Corridor Project.

Once completed, the Southern Coastal Corridor Project will measure 924 kilometers and will run from the southern Vietnamese city of Ca Mau to Bangkok through Cambodia.

In addition to marking its return to the market after more than a decade, Ssangyong E&C said that it will be paid in advance, and that the project could aid the company in winning additional contracts in Vietnam.

According to the company, the Vietnamese Ministry of Transport’s project is funded using the Korea Exim Bank’s economic development cooperation fund.

By Choi He-suk (cheesuk@heraldcorp.com)