Hyundai Engineering announced on the 2nd that it received the highest rating for the second consecutive year in the 'Mutual Cooperation Evaluation Among Construction Companies,' released by the Ministry of Land, Infrastructure and Transport.
The Mutual Cooperation Evaluation Among Construction Companies, chaired by the Ministry of Land, Infrastructure and Transport, is a system implemented to induce close cooperative relationships among construction companies for balanced development and efficient project execution in the construction industry.
The main evaluation items include ▲ joint contracting and subcontracting performance ▲ nurturing subcontractors ▲ and credibility. Each item's score is compiled to categorize them into five grades: excellent, good, fair, average, and poor. Excellent corporations must achieve a total score of over 95 points.
Hyundai Engineering was selected as an excellent corporation for two consecutive years by obtaining over 95 points this year, as it did last year. In total, 27 construction companies, including Hyundai Engineering, received the highest rating based on the large corporation criteria.
Corporations that received this grade are awarded additional points in the procurement agency and local government public bid pre-qualification evaluation (Pre-qualification, PQ) or when calculating construction capability evaluation amounts.
Hyundai Engineering provides various supports such as finance, technology, and training to its partners. In particular, it has established a 'Mutual Growth Fund' worth 120 billion won with commercial banks, enabling partners to access funds at lower interest rates. It also supports advance loans using future construction bonds and debentures as collateral.
It is also striving to establish a fair transaction culture. Hyundai Engineering is inducing fair transactions by introducing standard subcontracting contracts. It encourages the writing of ethical practice pledges for executives and employees of Hyundai Engineering and its partners to practice compliant management. A fair trade reporting system has also been established, allowing for reports of unethical behavior or unfair trading and requests for adjustments in subcontract payments.
Hyundai Engineering protects the technology held by its partners safely through a technology protection system. It also offers various training programs and patents free of charge.
A representative of Hyundai Engineering said, 'This evaluation result is an achievement based on the trust relationship with our partners,' adding, 'We will continue to contribute to the healthy development of the construction industry through continuous cooperation and mutual growth.'