The Korea Land & Housing Corporation, South Korea’s government-owned company, will develop a Southeast urban area project in Bac Ninh City under the namesake province in northern Vietnam.

The project will be implemented and completed during the 2025-60 period.

The government-owned corporation plans to boost its investment in housing in Vietnam through the new urban area managed by Bac Ninh Province, Yonhap News Agency reported.

The project will cover an area of some 8.5 million square meters and accommodate 49,000 households with nearly 156,000 people.

Bac Ninh Province is home to several factories owned by major international companies and groups such as South Korea’s Samsung and Hanwha, and Foxconn of Taiwan.

Vietnam is South Korea’s third-largest trade partner, after mainland China and the United States.

Vietnam has emerged as an ‘opportunity land’ for South Korean construction firms, according to Donga daily newspaper.

Vietnam aims to push up the urbanization rate to 50 percent in 2030 from the current 43 percent, reported Donga.

An official from the Bac Ninh Department of Planning and Investment said that the provincial People’s Committee had reported on the signing of a memorandum of understanding with the Korea Land & Housing Corporation to develop the urban area to the prime minister.

The memorandum of understanding was handed over to relevant units on the occasion of Prime Minister Pham Minh Chinh’s visit to South Korea in early July.

The two sides will work closely together to develop ideas for an investment and operation roadmap for the Southeast urban area, aiming to transform it into a modern model urban area.

In addition to hosting a series of seminars on urban issues in Bac Ninh Province, the two parties will promote activities to attract foreign investors, including South Korean firms.

Vietnam has witnessed a significant increase in South Korean companies developing new urban areas. In 2010, Daewoo Engineering & Construction Company began implementing the StarLake urban area project in Hanoi.

Embassies from 15 countries, including South Korea, as well as the Hanoi Opera House, are planning to relocate their headquarters to the StarLake urban area in the Vietnamese capital.

Research centers, establishments, supermarkets, and trade centers developed by South Korean giants such as Samsung Electronics and Hotel Shilla, a South Korean operator of luxury hotels and duty-free shops, have proliferated in Vietnam.

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