Daewoo E&C Begins Full-Scale Development of 'Kien Giang New City' in Thai Binh Province, Vietnam

Daewoo E&C announced on the 22nd that it has been approved as an investor for the 'Kien Giang Urban City Project' in Thai Binh Province, Vietnam, on the 14th, and will proceed with the new urban development project.

Bird's-eye view of Kien Giang New City, Thai Binh Province, Vietnam / Image courtesy of Daewoo E&C

The 'Kien Giang Urban City Project' involves constructing residential, commercial, apartment, and social housing facilities on approximately 963,000㎡ in the capital city of Thai Binh Province, Thai Binh City. About $390 million will be invested over 10 years from 2025 to 2035. Thai Binh Province is a coastal city located in northern Vietnam, 110 km from the capital Hanoi and 70 km from the northern economic city Hai Phong.

Daewoo E&C participated in the bidding for this project in partnership with the local Vietnamese company Green I-Park and the domestic company Zenith. Daewoo E&C plans to lead the project with a 51% stake.

Daewoo E&C explained that this project is significant as it marks a full-scale expansion of urban development projects following the Hanoi Starlake City new town project. It is said that the efforts of Chairman Jung Won-joo to expand overseas businesses, especially overseas urban development projects, since joining the group are now beginning to show results. Chairman Jung is reported to have a strong affection for Vietnam, having visited the country four times from 2022 to this year and formed networks by meeting with key Vietnamese officials whenever they visited Korea.

Currently, Daewoo E&C is promoting participation in new urban development projects in various regions such as Hanoi and Dong Nai Province, in addition to ongoing new town projects in Vietnam. Furthermore, based on the achievements in Vietnam, the company is reviewing development projects in Indonesia, India, Nigeria, Canada, and other countries. Daewoo E&C plans to increase its overseas sector to about 70% of total sales in the long term through these efforts.

A Daewoo E&C official said, "Vietnam has become Daewoo E&C's most important strategic market through the Starlake City new town project, which builds Korean-style new towns overseas," adding, "We will contribute to enhancing national prestige through mutual cooperation by participating in and expanding new town development projects that will be the driving force of Vietnam's economic development."