The authorities of Vietnam’s northern province of Hung Yen on December 13 handed over a decision on establishing an ecological industrial park, and a cooperation agreement on smart city development to the Korea Land and Housing Corporation (LH) of South Korea.

The ceremony was held in the framework of the Vietnam - South Korea Business Forum on the occasion of Vietnamese National Assembly Chairman Vuong Dinh Hue’s ongoing official visit to South Korea.

The forum was jointly held in both face-to-face and online forms by the Ministry of Planning and Investment, the Vietnamese Embassy in South Korea, and the Federation of Korean Industries (FKI) with the participation of representatives from 500 enterprises of the two nations.

Chairman of the Vietnamese National Assembly Vuong Dinh Hue and South Korean National Assembly President Park Byeong-seug witness the investment license awarding ceremony. Photo: Doan Tan/VNA

Speaking at the ceremony, Vice Chairman of Hung Yen provincial People's Committee Nguyen Hung Nam said that the provincial authorities and LH Group signed a memorandum of understanding (MoU) on cooperation in smart city development on December 2.

The MoU is hoped to further strengthen the bilateral cooperation in developing a smart city that can compete not only in Vietnam but also in the world, Nam added.

This is part of a core economic cooperation project that the South Korean government has promoted in Vietnam in the housing, real estate, and industrial sectors via its “New Southern Policy”.

Nam said the local authorities always accompany businesses to promptly solve difficulties, and create all favorable conditions for and support businesses to accelerate their investment in the locality so that the first Korean-style ecological industrial park project in Vietnam will soon become operational.

This will be a symbol of Vietnam - South Korea economic cooperation, towards celebrating the 30th anniversary of the establishment of diplomatic relations between Vietnam and South Korea in 2022, he said.

For his part, Chairman of LH Kim Hyun Jun said that many countries in the world are interested in smart city models - a solution for problems related to traffic, security, and order, and the environment in modern cities.

LH is a leading enterprise in building smart cities following the model of South Korea. With its experience in developing new urban areas, industrial parks, special economic zones, public housing, and urban reconstruction, LH is also a leading corporation in developing technology solutions for building smart cities and housing, Kim Hyun Jun stressed.

He added that the project of smart city development is divided into two phases with a total investment capital of more than VND 1,780 billion (nearly US$ 77 million).

Especially, LH is cooperating with TDH Ecoland Urban Development and Investment JSC of Vietnam to develop an ecological industrial park, which covers an area of 140 hectares under the Ly Thuong Kiet Industrial Park and Service Urban project in Hung Yen.