Vietnam province to complete site clearance for Daewoo’s $381 mln urban area project in 2026
Vietnam’s northern province of Thai Binh aims to complete the site clearance for the 96.4-hectare Kien Giang New Urban Area, a project jointly invested by South Korean conglomerate Daewoo, in May 2026.
Authorities of Thai Binh town, where the project is located, made the target at a recent meeting with Thai Binh province's Vice Chairman Nguyen Quang Hung.
Accordingly, site clearance related to agricultural land will be completed by end-June 2025 and residential land and other land by end-May 2026.
Thai Binh Vice Chairman Nguyen Quang Hung (standing) chairs a meeting on site clearance for the Kien Giang New Urban Area. Photo courtesy of Thai Binh news portal.
The project is set to cover five wards, with over 1,000 households and individuals to relocate.
Backing the target, Hung said the Kien Giang New Urban Area is a prioritized project and the province would facilitate the site clearance task.
In October, a consortium of four companies received the investment license for developing a VND9.68 trillion ($381.08 million) urban residential area.
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.
The consortium was asked to complete project construction in 96 months from the date of receiving the land lot.
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.
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