S Korea’s Daewoo eyes urban development projects in southern Vietnam province

South Korea’s construction giant Daewoo E&C is keen to join urban development projects in Binh Duong, a key industrial province in southern Vietnam, said an executive.

Daewoo E&C wants to cooperate with Vietnamese developer Becamex IDC in investing in property and urban projects in Binh Duong, said Jung Wonju, chairman of the South Korean firm, during a meeting with the Vietnamese province's Chairman Vo Van Minh last Thursday.

In response, the Binh Duong leader pledged to continue improving the investment environment and providing greater support to investors in the province.

At the meeting, the two sides signed a cooperation agreement under which Daewoo E&C will conduct research and surveys for potential real estate and urban development projects in the province.

The South Korean developer will also explore opportunities in transport infrastructure development in the province.

In June 1991, Daewoo E&C became the first South Korean construction company to open a representative office in Vietnam. Its Vietnam subsidiary, Daewoo E&C Vina, founded in 2017, has a charter capital of $1.3 billion.

It has joined many projects in Vietnam, notably the Daewoo hotel-Daeha serviced apartment complex and the Starlake new urban area project in Hanoi.

In October, Daewoo received an investment license for developing a VND9.68 trillion ($381.08 million) urban residential area in the northern province of Thai Binh.