Hyundai E&C, POSCO E&C to Join LH’s Vietnam New City Project near Hanoi
LH Selects Six Private Firms as Preferred Bidders
Hyundai Engineering & Construction and POSCO E&C are expected to participate in the development of the first district of the Southeast New City project in Vietnam’s Bac Ninh Province, which is promoted by Korea Land & Housing Corp. (LH). The Vietnamese government and private investors plan to invest several trillion won to build a new city designed to accommodate approximately 100,000 residents.
LH said on Jan. 4 that it has selected Omega Construction, JR Asset Management, Jeil Construction, POSCO E&C, and Hyundai E&C as preferred negotiation partners for the Dongnam New City development project. From the public sector, the Korea Overseas Infrastructure and Urban Development Corp. (KIND) is also slated to participate.
The project involves developing the Dongnam New City on an 8.1 million-square-meter site in Bac Ninh Province, located about 18 kilometers from Hanoi — making it roughly equivalent in scale to Pangyo New Town in Seongnam, Gyeonggi Province. In 2024, the South Korean government designated the project as the first initiative under the “Urban Growth Partnership Program,” a public-private cooperation framework based on Korea-Vietnam collaboration. The Dongnam New City aims to become a self-sustaining urban hub integrating residential, commercial, business, cultural, and public infrastructure. During a summit with To Lam, the general secretary of the Communist Party of Vietnam last August, President Lee Jae Myung highlighted the project, noting it would serve as the first major export case for the K-New Town model.
LH said it plans to launch the project formally once the Vietnamese government grants official approval, beginning with an investor tender process and the establishment of a local special purpose company (SPC).
Source: https://www.businesskorea.co.kr/news/articleView.html?idxno=260196
