Daewoo subsidiaries, Vietnamese firms to build $381 mln urban area in northern Vietnam

A consortium of four companies including two subsidiaries of South Korean conglomerate Daewoo has received the investment license for developing a VND9.68 trillion ($381.08 million) urban residential area in the northern province of Thai Binh.

The consortium comprises two of Daewoo E&C’s subsidiaries – Daewoo E&C Vina and THT Development Company Ltd.; and two Vietnamese businesses – Gip Land Company Limited and Zup Invest., Ltd.

It has been asked to complete project construction in 96 months from the date of receiving the land lot.

The Kien Giang New Urban Area will cover 96.4 hectares in Tran Lam, Quang Trung and Ky Ba wards as well as Vu Chinh and Vu Phuc communes in Thai Binh town.

The project, designed to accommodate 18,626 residents, will include 858 detached houses, 544 villas, five 25-floor apartment blocks, a 15-floor social housing site, and some technical and services portfolios.

A representative of the consortium thanked provincial authorities for helping to complete the project’s administrative procedures. The consortium will deploy green and efficient technology, the rep added.

Thai Binh Chairman Nguyen Khac Than urged the consortium and local agencies to collaborate and ensure timely site clearance and project construction.

He noted that the Kien Giang New Urban Area was the province’s biggest urban area development, investment-wise; and second largest in terms of area.