LH Promises Urban Development Cooperation with Five Northern Provinces of Vietnam

Korea Land and Housing Corporation (LH) announced on the 25th that it signed a Memorandum of Understanding (MOU) on the 23rd (local time) at the Presidential Palace in Hanoi, Vietnam, with five representative northern provinces of Vietnam to promote the "Urban Growth Partnership Program" (UGPP).

Lee Han-jun, President of LH, and Nguyen Huong Trang, Governor of Bac Ninh Province, are taking a commemorative photo for the agreement.
[Photo by LH]

The signing ceremony was attended by President Yoon Suk-yeol, who was on a state visit to Vietnam, Vietnamese State President Vo Van Thuong, LH President Lee Han-jun, and the governors of the five provinces (Bac Ninh Province, Thai Binh Province, Thanh Hoa Province, Hai Duong Province, Hung Yen Province).

UGPP is a G2G-based urban development cooperation platform where Korea and Vietnam share experiences, technologies, and know-how in new town development and industrial complex development to establish a new urban model for Vietnam. The profits from urban development are reinvested into public projects such as social housing, and Korean companies are encouraged to participate in the projects, supporting overseas construction orders.

Through this agreement, LH and the five Vietnamese provinces will comprehensively strengthen their cooperative relationship from policy formulation to urban development, including smart new towns, industrial complexes, and public infrastructure.

In particular, when promoting development projects such as smart new towns and industrial complexes identified as new urban models, a Korean-friendly investment environment will be created. Additionally, in cases of public projects, active utilization of South Korea’s official development assistance projects, both grant and loan aid, will be pursued to organically combine aid projects and investment projects.

To this end, LH plans to form Team Korea with the Korea International Cooperation Agency (KOICA), Korea Export-Import Bank (KEXIM), and cooperate with the Ministry of Land, Infrastructure and Transport.

LH expects that UGPP will contribute to strengthening cooperation between the two countries, elevated to a comprehensive strategic partnership, and also support domestic companies in securing overseas orders.

LH President Lee Han-jun said, “Through UGPP, we hope to export K-New Towns to Vietnam, further strengthen cooperation between the two countries, enhance exchanges with Vietnam, and create a foundation for Korean companies to advance overseas, thereby contributing to the economic growth of our country.”

Meanwhile, LH is promoting the development of Vietnam’s first Korean-style industrial complex in Hung Yen Province, the target area of this agreement. The industrial complex is currently under active construction with the goal of starting operations early next year, and has been on sale to domestic companies since the first general supply began in September last year. The second general supply of the industrial complex is scheduled to be implemented at the end of June.

This content was produced with the assistance of AI translation services.