[Asia Economy Reporter Hyungsoo Park] Hirim's stock price continues to rise. Recent growth expectations through overseas expansion appear to be influencing the stock price.
As of 9:29 a.m. on the 11th, Hirim is trading at 10,050 KRW, up 10.44% from the previous day.
Global architectural design and CM·supervision company Hirim Architects & Engineers announced that it will establish a joint venture with local companies EVO CONCEPT and VALUE ASIA VIETNAM to strengthen its overseas business in Vietnam.
According to the agreement, the three companies will build a strategic partnership and collaborate on various construction projects and large-scale development projects by leveraging each company's strengths. The three companies possess professional expertise and experience in various fields including architectural design, CM (Construction Management), design consulting, interior construction, corporate finance, and investment consulting. In particular, Hirim was the first domestic architectural firm to enter Vietnam and has successfully carried out various projects.
Vietnam is actively promoting infrastructure development projects through the government's continuous economic diversification. The Overseas Construction Association forecasts that the Vietnamese construction market will grow at an average annual rate of 11.2% until 2024.
A Hirim representative said, "By establishing a joint venture in Vietnam, we expect to secure new orders in design and CM fields for residential and commercial facility projects such as high-rise buildings, apartments, office buildings, and resorts," adding, "Furthermore, we will expand our global business area through new business entry and business diversification."
Founded in 1970, Hirim is a leading comprehensive architectural service company in South Korea, focusing on architectural design, construction management (CM), and supervision. In February 2000, it became the first in the industry to be listed on the KOSDAQ market. In the early 2000s, it was the first in the industry to successfully enter overseas markets independently, and currently has overseas networks in regions including the United States, China, Vietnam, Azerbaijan, the United Arab Emirates, Bangladesh, Iraq, Qatar, Kazakhstan, Cambodia, and Uzbekistan. Hirim is listed among the world's top 225 companies selected by the global construction and engineering magazine ENR (Engineering News Record). Hirim's technological capabilities and potential have been recognized by the government through awards such as the K-Service Special Top, Innovative Enterprise National Representative 1000, World Class 300, and Korean-style Hidden Champion company.
Recently, the domestic construction industry and stock market have been paying attention to the 'NEOM City' construction project promoted by Saudi Arabia. Saudi Arabia plans to build the world's largest eco-friendly smart city in the western region, investing 650 trillion KRW, aiming to complete the first phase by 2025 and full completion by 2030.
Mohammed bin Salman, Crown Prince leading the NEOM City project, will visit Korea at the end of October for a summit with President Yoon Suk-yeol. Hana Securities stated, "Mohammed bin Salman, who is leading the NEOM City project, will visit Korea at the end of October, and a summit is scheduled. If Korean companies secure orders in construction, SOC, nuclear power, and other fields, it is expected that the performance of these companies will improve significantly."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
