Vietnam, Japan firms to build $1 bln urban area in Binh Duong province

Kim Oanh Group, a Vietnamese real estate developer, and four Japanese partners will jointly develop the $1-billion One World urban area in Vietnam’s southern province of Binh Duong.

Binh Duong authorities granted an investment certificate to the investors on Wednesday.

Kim Oanh Group will hold a 51% stake in the 50-hectare project, while three Japanese partners, namely Sumitomo Forestry, Kumagai Gumi, and NTT Urban Development, will own the rest.

Aeon Vietnam, under Japanese retailer Aeon, will build a commercial center within the project site, also Aeon’s third outlet in Binh Duong province.

Located in Thuan An town of the southern industrial hub, an advantage of the project is its proximity to Ho Chi Minh City as a section of National Highway 13 crosses through the site, and it is near the under-construction Ring Road 3 around HCMC.

Featuring residential areas, apartments, an exhibition center, a five-star hotel, and a school, the project is set to deliver its first products to the market in 2025, said Dang Thi Kim Oanh, chairwoman of Kim Oanh.

Binh Duong province is an attractive destination for foreign direct investment (FDI) in Vietnam. While the country had attracted $475.8 billion in registered FDI as of March 20, Binh Duong's figure was $40.6 billion, only behind HCMC and Hanoi, according to the Ministry of Planning and Investment.