On November 23 (local time), during the inauguration ceremony of the “Clean Industrial Complex” in Hung Yen Province, northern Vietnam, Park Sang-woo, Minister of Land, Infrastructure, and Transport (first from the right), attended as representatives from Korea Land and Housing Corporation (LH) and the Hung Yen Province Industrial Park Management Committee signed an MOU for cooperation on the development of a second industrial complex, followed by a commemorative photo. (Yonhap)
SEOUL, Nov. 24 (Korea Bizwire) – In a move to bolster the presence of South Korean companies in Vietnam, a consortium led by the Korea Land and Housing Corporation (LH) has completed construction of the first “Korean-style industrial complex” in the country.
The Ministry of Land, Infrastructure, and Transport announced Sunday the completion of the Hưng Yên Clean Industrial Complex on November 23 with a ceremony attended by Minister Won Hee-ryong and other dignitaries.
Located in Vietnam’s northern Hưng Yên Province, the 1.43-square-kilometer complex was developed in partnership with LH, KIND (Korea Overseas Infrastructure and Urban Development Corporation), KBI Construction, Shinhan Bank, and a Vietnamese firm.
The complex aims to attract South Korean small and medium-sized enterprises (SMEs) while offering one-stop administrative, financial, and tax support services. It is anticipated to serve as a strategic export base for South Korean businesses. More than 20 South Korean companies have already signed leases.
“This marks a significant milestone as the first Korean-style industrial complex in Vietnam,” said Minister Won. “The collaboration between South Korea’s public institutions and private firms underscores the strength of our unified efforts.” Won also noted that the project was initiated during his tenure as LH president in 2017, adding personal significance to its completion.
Tran Quoc Van, chairman of Hưng Yên Province, highlighted the region’s strategic advantages, including proximity to Hanoi, Noi Bai International Airport, and the Hai Phong seaport. He pledged government support to create favorable conditions for Korean investors to operate under Vietnamese law.
Hưng Yên Province, known for its robust 13.4% economic growth rate in 2023, is gaining attention as a rising industrial hub in Vietnam. Political ties to the province, including leaders in Vietnam’s ruling Communist Party, have further elevated its prominence.
Hưng Yên Clean Industrial Complex
Expansion Plans and Urban Development Projects
During the event, LH and Hưng Yên Province signed an agreement to explore the development of a second industrial complex. Four candidate sites proposed by the province will be evaluated.
Additionally, LH plans to launch the Southeast New Town project in Bac Ninh Province, located northeast of Hanoi.
This 8-square-kilometer urban development, modeled after South Korea’s Pangyo New Town, will be the first project under the government’s Urban Global Partnership Program (UGPP). Preliminary agreements with 20 local public and private companies are scheduled to be signed on November 25.
“This success provides us with the expertise to secure projects like Southeast New Town, enabling us to expand exports of Korea’s urban development model,” Minister Won stated.
South Korea’s Bid for Vietnam’s High-Speed Rail
On Vietnam’s ambitious North-South high-speed rail project, Minister Won emphasized South Korea’s competitive edge. “Our high-speed rail technology is independent and now backed by strong financial capabilities from domestic banks,” he said.
Won suggested that awarding the project to China could send unfavorable signals to the United States, positioning South Korea as a politically advantageous partner. He plans to organize a demonstration of South Korea’s rail technology for Vietnamese officials early next year as part of an intensified bid strategy.
These efforts reflect South Korea’s broader ambitions to expand its construction exports and strengthen its economic foothold in Southeast Asia.
M. H. Lee (mhlee@koreabizwire.com)
