Korea Land and Housing Corporation (LH) is accelerating its large-scale new city development project in Vietnam, formalizing a public-private partnership (PPP) framework to move the initiative into the execution phase.
The company announced that it signed a basic agreement on April 21 in Hanoi to establish a joint public-private consultative body for the Bac Ninh Southeast New City project. The agreement builds on a preliminary deal reached last year and marks a shift toward a more action-oriented collaboration structure involving both public institutions and private companies.
The signing ceremony was held in conjunction with the Korea–Vietnam Cooperation Forum organized by the Ministry of Land, Infrastructure and Transport, with senior officials from both countries in attendance, including government representatives from Vietnam’s construction sector.
The project represents LH’s first overseas application of its “Korean-style new city model.” It is being developed under the Urban Growth Partnership Program (UGPP) signed with Bac Ninh Province in 2023.
Located about 18 kilometers from Hanoi, the project will develop an approximately 8 million square meter mixed-use city in phases. The development aims to integrate residential, industrial, and commercial functions while incorporating smart city technologies and eco-friendly design principles.
The first phase alone will cover roughly 2.3 million square meters, signaling a large-scale rollout from the initial stage.
LH is currently undergoing Vietnam’s Investment Policy Approval (IPA) process and is simultaneously preparing for investor selection and consortium formation. Industry observers expect the project to enter a full-scale implementation phase once formal bidding begins later this year.
Kyung-sook Cho said the agreement strengthens the foundation for public-private cooperation and enhances project momentum, adding that the Bac Ninh development is expected to serve as a gateway for Korean companies seeking to expand into Vietnam.
