Hyundai Engineering & Construction Enters Vietnam Eco-Friendly Smart New Town Development Project

MOU Signed for 'Ha Nam Province Smart New City Development' in Southern Hanoi, Vietnam

Hyundai Construction CEO Yoon Young-jun (front left in the photo) and Bitexcohoi Chairman (front right in the photo) are conducting a cooperation agreement signing ceremony attended by key stakeholders. (Provided by Hyundai Construction)

[Asia Economy Reporter Kim Hyemin] Hyundai Engineering & Construction is embarking on an eco-friendly smart new city development project in Vietnam.

On the 29th (local time), Hyundai Engineering & Construction announced on the 30th that it signed a joint development cooperation agreement for the 'Ha Nam Eco-friendly Smart New City Project' in Hanoi, Vietnam. The signing ceremony was attended by about 40 people, including Hyundai Engineering & Construction President Yoon Young-jun, Hoi Vitexco Chairman, and senior Vietnamese government officials.

This project involves creating a smart city leading district within the Ha Nam Province new city, located about 50 km south of Hanoi, the capital of Vietnam, and establishing smart services. This is the first time a Korean company has participated in this project, which is being developed by Vitexco, a comprehensive Vietnamese development company, and Ha Nam Province.

Hyundai Engineering & Construction plans to jointly promote a large-scale complex project covering a total of 1,524 hectares (15.24 million square meters), including a 'high-tech industrial zone' consisting of an R&D center, offices, commercial facilities, and a smart logistics center, as well as an 'urban district' with residential and infrastructure facilities.

Hyundai Engineering & Construction built the 68-story Vitexco Financial Tower in Ho Chi Minh City, Vietnam, in 2010, and has established a trust relationship with the client Vitexco by carrying out projects such as the Mong Dinh 1 coal power plant and JW Marriott Hanoi Hotel. The company has also expanded its Vietnam branch organization to strengthen its project capabilities.

President Yoon Young-jun said, "Through strategic collaboration with Vitexco, which leads the new city project in Vietnam, we will contribute to realizing a people-centered future city where the environment and technology coexist," adding, "Starting with this project, we will accelerate the smart city construction business, a core strategic business of Hyundai Engineering & Construction."