South Korea’s state-owned Korea Land and Housing Corporation will develop the Southeast Metropolitan Area Project in Bac Ninh city, which is in the province of the same name in northern Vietnam.
The project is expected to be implemented and completed between 2025 and 2060.
The state-run company plans to increase investment in housing in Vietnam through a new urban area administered by Bac Ninh province, Yonhap News Agency reported.
The project will cover an area of ​​approximately 8.5 million square meters and accommodate 49,000 households and approximately 156,000 people.
Bac Ninh province is home to many factories owned by major international companies and groups, including South Korea’s Samsung and Hanwha, and Taiwan’s Foxconn.
Vietnam is South Korea’s third-largest trading partner after mainland China and the United States.
According to the Dong-A Ilbo, Vietnam has emerged as a “land of opportunity” for Korean construction companies.
Vietnam aims to increase its urbanization rate from the current 43 percent to 50 percent by 2030, Dong Ga newspaper reported.
An official from Bac Ninh province’s Department of Planning and Investment said they had reported to the prime minister that the provincial People’s Committee had signed a memorandum of understanding with the Korea Land and Housing Corporation for the development of urban areas.
The memorandum was handed over to relevant departments during Prime Minister Pham Minh Chinh’s visit to South Korea in early July.
They will work closely together to develop ideas for an investment and operations roadmap for the Southeast Metropolitan Region, aiming to transform the region into a modern model metropolitan region.
The two parties will host a series of seminars on urban issues in Bac Ninh province, as well as promote activities to attract foreign investors, including Korean companies.
Vietnam has seen a significant increase in the number of Korean companies developing new urban areas. In 2010, Daewoo Engineering & Construction began implementing the Star Lake urban area project in Hanoi.
Embassies of 15 countries, including South Korea, and the Hanoi Opera House are planning to relocate their headquarters to the Star Lake Urban Area in the Vietnamese capital.
Vietnam is seeing a proliferation of research centers, facilities, supermarkets and trade centers developed by major Korean companies, including Samsung Electronics and the South Korean operator of luxury hotels and duty-free shops, Hotel Shilla.
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