Korea Land & Housing Corporation (LH) said on the 24th that on the 21st (local time) in Hanoi, Vietnam, it signed a "basic agreement of the public-private consultative body for the Southeast New Town" to formally push ahead with the "Vietnam Bac Ninh Province Southeast New Town development project."
The agreement follows the "preliminary agreement of the public-private consultative body for the Southeast New Town" signed in 2024 and was arranged to secure momentum for the project by building an organic cooperative system among 14 corporations, including LH.
Held as part of the "Korea-Vietnam win-win development cooperation forum" hosted by the Ministry of Land, Infrastructure and Transport, the signing ceremony was attended by Minister Kim Yun-duk of the Ministry of Land, Infrastructure and Transport, Le Anh Tuan, Vice Minister of Vietnam's Ministry of Construction, and other key officials from both governments.
The Vietnam Bac Ninh Province Southeast New Town development project is the first K-new town export project being pursued based on a memorandum of understanding for the Urban Growth Partnership Program (UGPP) signed between LH and Vietnam's Bac Ninh Province in Jun. 2023.
The project will develop a new town of about 8 million㎡ (District 1: 2.3 million㎡) in Bac Ninh Province, located about 18 km from the boundary of Vietnam's capital, Hanoi. By applying Korean-style Smart City technology and eco-friendly design, it is expected to be built into a premium city with competitiveness in the local market.
LH is currently proceeding with the Investment Policy Approval (IPA), a local Vietnamese licensing process. It plans to accelerate the formation of an investment consortium in preparation for investor bidding in the second half of the year. The IPA is a procedure to receive official approval from the Vietnamese government on the project's feasibility and investment scale, and it becomes the legal basis for future bidding and investor selection.
Cho Kyung-sook, acting president of LH, said, "The signing of this basic agreement is meaningful in that it has further solidified the foundation for public-private cooperation to push forward the Southeast New Town project in earnest," adding, "With this agreement as momentum, LH will serve as a strong bridge so that our corporations can enter the Vietnamese market stably and achieve contract wins through the successful promotion of the Southeast New Town."