S Korea's giant developer eyes urban area projects in southern Vietnam

The Korea Land and Housing Corporation (LH), under the South Korean government, is exploring opportunities in industrial park and urban development in the Mekong Delta city of Can Tho.

The firm recently conducted an on-site survey of the 815-hectare Vinh Thanh 4 Industrial Park in Vinh Thanh district, which is strategically situated along the Lo Te-Rach Soi Expressway.

During a working session with local authorities on Thursday, Park Jin Hong, counselor for construction and transportation at the South Korean Embassy in Hanoi, expressed the Korean side’s interest in industrial park and new urban area projects, as well as the proposed Ho Chi Minh City-Can Tho railway project.

According to Park, LH is currently developing an industrial park in the northern province of Hung Yen. It has also MoUs with several other provinces and cities across Vietnam as part of its Urban Growth Partnership Program (UGPP), including Hai Duong, Bac Ninh, Thai Binh, Thanh Hoa, Hue, and Danang.

He noted that after visiting the Vinh Thanh 4 Industrial Park, the delegation recognized that Can Tho city has significant development potential.

They proposed that in addition to the Vinh Thanh 4 Industrial Park, the Mekong Delta city should consider signing an MoU with LH under the UGPP, allowing the corporation to expand into new urban development.

In response, Chairman of the municipal People’s Committee Truong Canh Tuyen stated that in addition to Vinh Thanh 4, the city is seeking investment in the Vinh Thanh 3 Industrial Park. Spanning 675 hectares, this site offers excellent connectivity to key transportation infrastructure, including roads, airports, and seaports.

LH has a charter capital of KRW40 trillion (approximately $29 billion). Its primary mission is to develop housing to ensure residential stability for the homeless and vulnerable groups, and to implement welfare housing projects as mandated by the South Korean government’s policies.

In Asia, the corporation has established its presence in several countries, including Vietnam, India, Indonesia, Kuwait, and Myanmar. It also has investments in Paraguay and Russia.