Daewoo Construction Chairman Jeong Won-ju Discusses Cooperation Plans with Vietnamese Prime Minister

Vietnamese Prime Minister Phan Minh Chinh's Visit to Korea

Jung Won-joo, Chairman of Daewoo E&C, met with Phan Minh Chinh, Prime Minister of Vietnam, who visited Korea at the invitation of Prime Minister Han Duck-soo on the 3rd at Lotte Hotel in Sogong-dong, Jung-gu, Seoul. They discussed cooperation plans to expand local business.

Daewoo E&C Chairman Jeong Won-ju is shaking hands with Vietnamese Prime Minister Pham Minh Chinh on the 3rd at Lotte Hotel, Sogong-dong, Jung-gu, Seoul.
[Photo by Daewoo E&C]

On the day, Chairman Jung said, "The Hanoi Star Lake City new town project is playing a role as a platform leading Korean companies' investment in Vietnam," and added, "We request high interest in the ongoing relocation projects of some government agencies' business sites." He continued, "Daewoo E&C's investment projects in Vietnam can greatly contribute to balanced local development," and added, "We hope to promote overseas expansion together with local construction companies to contribute to job creation and economic development."

Prime Minister Chinh responded, "The area Daewoo E&C is preparing is a region where population inflow and development are accelerating, with concentrated improvements in various transportation infrastructures, making it an area with high population density ideal for urban development," and said, "We hope you will also take great interest in improving the residential environment for low-income groups in urban areas of Vietnam."

The 'Star Lake City New Town' project is a sole project promoted by Daewoo E&C in Vietnam, with the first phase started in 2014 and the second phase in 2019. Currently, compensation for the remaining land of the second phase and infrastructure construction are underway.

In April last year, the Vietnamese government approved a master plan to relocate existing government ministries in the downtown area to the Star Lake City project site. Accordingly, 13 central ministries are scheduled to relocate sequentially by 2035.

Daewoo E&C is pursuing additional projects in Vietnam through this new town project. Since June 2022, Chairman Jung has visited Vietnam several times to expand networks with key stakeholders.

Meanwhile, after meeting Prime Minister Chinh, Chairman Jung discussed cooperation plans including urban development projects in Vietnam, infrastructure, logistics, and energy with Ryu Trung Thai, Chairman of Vietnam Military Commercial Joint Stock Bank, and Nguyen Thanh Hong, Chairman of Sovico Group.