Hanwha E&C joins in Vietnam’s Binh Duong New City development project
28 October 2019
Hanwha E&C is joining Vietnam’s Binh Duong New City development project.
The Korean engineering and construction company last week signed a contract with Vietnam’s state-owned Becamex IDC and the Korean Woori Investment Bank to form a consortium committed to the development of Binh Doung New City.
“This contract is an opportunity for Hanwha E&C to become one of Korea’s most representative construction companies in global development along with the Bismayah New City project in Iraq,” said Kim Hyo-jin, Hanwha E&C vice president, who attended the contract signing ceremony in Seoul on Thursday. “We also plan to [take the Binh Duong New City deal as an opportunity] to expand our business in Vietnam.”
Binh Duong New City is a major administrative capital project that includes industrial complexes and a financial center. The project is 25 kilometers (15.5 miles) north of Ho Chi Minh City.
According to Becamex IDC, the new city covers 4,196 hectares (16.2 square miles) with an industrial zone of roughly 1,800 hectares. Residential areas, the administrative center, a medical enter, cultural center as well as schools and hotels cover 1,662 hectares.
The new town project broke ground in 2005 with construction on urban areas kicking off in 2010. The first phase was completed in 2015.
The second phase is scheduled to be completed in 2022. The city is expected to be home to more than 500,000 people.