Korea Land and Housing Corporation eyes urban area project in northern Vietnam

Bac Ninh province's authorities on Wednesday met with Korea Land and Housing Corporation (LH) to discuss an urban area project in the southeastern part of Bac Ninh town, capital of the northern province.

At a working session between Bac Ninh's Chairman Vuong Quoc Tuan and the company's CEO Lee Han-joon, Tuan highlighted the growing ties between Vietnam and South Korea, with their strategic comprehensive partnership providing a solid foundation for deeper collaboration.

He noted that LH, a leading South Korean government-owned corporation, is a trusted and valued partner of the province.

The chairman noted that Bac Ninh is shifting from an industrial focus to a more balanced approach that includes attracting investment in urban development, commercial centers, education, services, and research and technology transfer.

He added that the province has drawn in $7.5 billion in registered investment capital in these sectors and expects to mobilize another $8 billion in the near future. For prioritized projects, the provincial authorities plan to implement a "green lane" mechanism to expedite administrative procedures.

Tuan said Bac Ninh is finalizing steps for its merger with neighboring Bac Giang province. The new province will be nearly five times larger in terms of area and more than double in terms of population, offering significant potential for further development.

He expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.

For his part, Lee said this would be LH’s first urban development project in Vietnam. He affirmed the corporation's commitment to deploying top experts and resources to ensure the project becomes a symbol not only for Vietnam but also in the world.

The feasibility study for the project has been completed, and LH is in the process of finalizing investment approval documents for submission to relevant authorities.

As a state-run enterprise under the South Korean Government, LH is one of the country’s top developers of urban and industrial zones, providing around 120,000 apartments annually.