The Ministry of Land, Infrastructure and Transport strengthened cooperation with Vietnam in urban and transportation infrastructure. As a result of Korea-Vietnam summit diplomacy, railroad rolling stock was exported to Vietnam for the first time.
The Ministry of Land, Infrastructure and Transport (MOLIT) said that at the Korea-Vietnam Business Forum held on the 23rd (local time), with key government officials and corporations from both countries attending, it signed a contract to supply rolling stock for Ho Chi Minh City Metro Line 2 and a memorandum of understanding (MOU) among the Overseas Infrastructure Development Corporation (KIND), Bank for Investment and Development of Vietnam (BIDV), and Hana Bank.
The Ho Chi Minh City Metro Line 2 rolling stock supply contract (162 cars) is valued at 480 billion won, marking the first entry of Korean railroad rolling stock into Vietnam.
KIND plans to identify promising projects in Vietnam and connect financial support through cooperation with the Bank for Investment and Development of Vietnam (BIDV), a key state-owned bank, to strengthen the foundation for the expansion of Korean corporations into Vietnam.
Minister Kim Yun-duk of the Ministry of Land, Infrastructure and Transport (MOLIT) said, "We hope that various cooperation efforts with Vietnam in the urban sector will lead to tangible results," and emphasized, "We will lay the groundwork so that our corporations can actively participate in large-scale transportation infrastructure projects such as railways going forward." Kim added, "Vietnam is a market with strong potential for infrastructure development, and we will spare no support for our corporations so that the two countries can strengthen cooperation."
Minister Kim called for opportunities for Korean corporations to participate in major national infrastructure projects, not only high-speed rail but also airports and nuclear power plants. On the 21st (local time), in a meeting with Construction Minister Tran Hong Minh of Vietnam, Kim asked for the Vietnamese government's interest and support so that the Bac Ninh Province Southeast New Town development, the "No. 1 K-new town export project," can lead to a successful outcome.
Minister Kim said, "We deeply relate to the process underway in Vietnam to devolve central power to localities," and added, "We hope that the Korea Land & Housing Corporation (LH) and local governments in Vietnam can cooperate and grow together in areas such as new town development." Kim also discussed cooperation measures for participation by Korean corporations in the North-South high-speed rail project.
On the same afternoon, the Ministry of Land, Infrastructure and Transport (MOLIT) hosted the "Korea-Vietnam win-win development cooperation forum," where Vietnam's Vice Minister of Construction Le Anh Tuan attended, to discuss strategic cooperation measures on infrastructure modernization, transportation, urban development, and other infrastructure projects.
In opening remarks at the forum, Minister Kim emphasized, "We hope that Korea's accumulated policy capacity and technological prowess will combine with Vietnam's dynamic growth and high potential so the two countries can achieve meaningful results together."
The next day, Minister Kim visited the completion ceremony for a mixed-use complex in Starlake City in Hanoi and encouraged officials who helped complete a new landmark in Vietnam using Korean technology.
The Starlake City project is an urban development project in which Korea and Vietnam have been cooperating since 2006, pursuing a new town with diverse purposes such as residential, commercial, office, education, and administration. Korean corporations, including Daewoo Engineering & Construction, participated in the entire process of developing the mixed-use complex being completed this time.