Pan-United to provide sustainable concrete solutions to Vietnam's Novaland
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CONCRETE and cement provider Pan-United Corporation P52 has signed a cooperation agreement with Novaland Group for its subsidiary, FiCO Pan-United Concrete Joint Stock Company (FiCO PanU), to provide sustainable concrete solutions to the Vietnam property company for over 2 years.
The cooperation agreement will last from this year to 2024, said Pan-United on Thursday (Jan 6). Under it, FiCO PanU is to build two on-site batching plants in Aqua City, a smart-eco integrated development by Novaland in Vietnam's Dong Nai province.
The two plants of FiCO PanU - a joint venture between the Singapore-based Pan-United Corporation (Pan-United) and Vietnam's FiCO Corporation - will collectively supply about 700,000 cubic metres of ready-mix concrete to the Aqua City development over a 21/2-year period, Pan-United said. The first plant was commissioned last month.
Using carbon-capture technologies, the company will develop "high-quality concrete and high-performance low-carbon mortar" for the Aqua City integrated development and subsequently, for other Novaland developments, Pan-United said.
The Aqua City integrated development will consist of residential units and amenities such as schools, hospitals, a sports complex, and a shopping and entertainment complex.
FiCO PanU has previously supplied ready-mix concrete to Novaland's building projects across Ho Chi Minh City. Both parties have worked together for more than 10 years.
Steven Loh, general director of FiCO PanU, said the partnership with Novaland highlights its "shared commitment" in meeting Vietnam's sustainable building development needs, and in contributing to the country's goal to achieve net-zero carbon emissions by 2050.
Shares of Pan-United Corporation closed at S$0.34, up S$0.005 or 1.5 per cent, on Thursday.
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