SEOUL, November 25 (AJP) - South Korea has completed its first Korean-style industrial complex in northern Viet Nam, covering about 1.43 million square meters. The complex will serve as an export hub for Korean firms.
The project was developed through a joint venture, with South Korean entities, including Korea Land and Housing Corporation (LH) and Korea Overseas Infrastructure and Urban Development Corporation (KIND), holding a 75 percent stake, and Viet Nam's TDH EcoLand holding 25 percent.
The complex has already secured commitments from over 20 Korean firms to set up operations.
Korea's Ministry of Land, Infrastructure and Transport said a procurement support team, led by Minister Park Sang-woo, participated in the commemorative event for the development of the Hưng Yên Clean Industrial Complex from Nov. 23 to 25.
During the event, LH signed a memorandum of understanding (MOU) with the Hung Yen provincial government to move forward with additional industrial complex development, including reviewing four candidate sites proposed by Hưng Yên.
LH also plans to initiate the Southeast New Town development project in Bac Ninh Province. The 8-square-kilometer project will address the region's growing population and robust economic activity. Despite being the smallest of Viet Nam's 63 provinces, Bac Ninh ranks third in population density and boasts an annual growth rate of 13.9 percent.
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