HANOI, Vietnam, March 9, 2011 (GLOBE NEWSWIRE) -- Cavico Corp. (Nasdaq:CAVO) ("Cavico" or the "Company"), a major infrastructure civil engineering design and construction conglomerate based in Vietnam, today announced that it plans to benefit from several key infrastructure developments in Vietnam. Recent developments that could positively impact Cavico include the following:
- The proposed construction of a four-lane tunnel underneath the Red River, the largest river in northern Vietnam, during a meeting held in late February by the People's Committee of Hanoi. The tunnel would link Hoan Kiem District, the commercial center of Hanoi, with Long Bien District, a developing urban area of Hanoi. The committee will consider the details of the project and submit its recommendation to the Prime Minister for approval.
- The increase in loans pledged to Vietnam to $2 billion by the Asian Development Bank ("ADB") to support the development of Vietnam's infrastructure, financial planning and education sectors.
- Nokia, a multinational communications corporation, announced on March 2 that it plans to construct a $276 million manufacturing facility near Hanoi. Cavico anticipates that the infrastructure in the area surrounding the complex will need to be expanded and upgraded to support the facility's operations.