Korea Land and Housing Corp. (LH) said Thursday it signed a basic agreement to launch a public-private consultative body to move forward with the Vietnam Bac Ninh Southeast New Town development project.
The signing ceremony was held Monday in Hanoi as part of the “Korea-Vietnam Mutual Growth and Development Cooperation Forum” hosted by South Korea’s Ministry of Land, Infrastructure and Transport. Attendees included Land Minister Kim Yun-deok and Le Anh Tuan, vice minister of Vietnam’s Ministry of Construction, LH said.
LH said the agreement follows a preliminary pact signed in 2024 and is intended to strengthen project momentum among 14 public and private companies involved.
The Bac Ninh Southeast New Town project is described as the first export of a “K-New Town” model. It is based on a June 2023 memorandum of understanding under the Urban Growth Partnership Program (UGPP) signed by LH and Vietnam’s Bac Ninh province.
The plan calls for building a new town on about 8 million square meters of land in Bac Ninh province, about 18 kilometers from the boundary of Hanoi. Phase 1 covers 2.3 million square meters.
LH said it is proceeding with local approvals, including the Investment Policy Approval (IPA) process, and plans to step up formation of an investment consortium ahead of an investor tender expected in the second half of this year.
Cho Kyung-sook, LH’s acting president, said, “With this agreement as a driving force, LH will serve as a strong bridge so that our companies can enter the Vietnamese market in a stable way and achieve contract wins through the successful 추진 of the Southeast New Town.”
* This article has been translated by AI.
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