Pan-United enters Vietnam tie-up with Novaland to supply Aqua City project

Vietnam 1000-dong noteVietnam 1000 dong note

FiCO Pan-United Concrete JSC (FiCO PanU), a subsidiary of Singapore-listed concrete producer Pan-United, has entered an agreement for 2022 to 2024 to supply sustainable concrete services to Vietnamese real estate development brand Novaland, the company said in a filing to SGX Thursday.

Under the deal, FiCO PanU will build two onsite batching plants this year at Aqua City, Novaland’s large-scale smart eco-urban integrated development in Dong Nai province, the filing said. The two plants will supply around 700,000 cubic meters of ready-mix concrete to the project over a 2.5 year period, FiCO PanU said, adding the first plant was commissioned in December.

The onsite batching plants will provide efficient, timely supply and minimise fuel, energy and water use and reduce embodied carbon emissions from the raw material delivery, the filing said.

FiCO PanU will develop high-quality concrete and high-performance low-carbon mortar using PanU CarbonCure Carbon Capture and Utilisation (CCU) technologies, for the Aqua City project and for other Novaland developments, FiCO PanU said.

The Aqua City projected, located in Bien Hoa, includes residential units and high-end amenities, including schools, hospitals, a sports complex, shopping and entertainment, the filing said.

FiCO PanU began operations in 2011 as a joint venture between Pan-United Group and Vietnam’s FiCO Corp.