A co-operation agreement has been sealed between the Korean government-owned corporation and the affiliate company of property developer Ecopark late last week. Both parties will accordingly jointly develop a modern ecological IP on an area of some 140 hectares in the northern province of Hung Yen, being the very first of its kind in the country.
The IP forms part of the 3,000-hectare Ly Thuong Kiet Industrial and Urban Service Zone in Yen My district of Hung Yen. The zone has been prioritised by both Ecopark and LH for development in the period of 2019-2020.
LH representative shared that the corporation had met up with various partners across Vietnam for co-operation opportunities. It however has decided on collaborating with Ecopark following a thorough study of the ecological urban area of Ecopark and its business activities.
Accompanied by a clean and large land bank, together with a completed legal package, the project initiated by both parties is believed to act as a basis to attract more Korean companies and investors to chip into the local market.
Once the green IP completed and being reviewed, LH and Ecopark will continue discussing on the development of the IP1 and Urban Area Project 1, which both belong to the Ly Thuong Kiet IP plan.
Within the framework of the signing ceremony, LH and TDH Ecoland has also inked a memorandum of agreement to study and co-operate on social housing projects.
The deal between LH and Ecopark is said to be a step forward in realising the pre-agreement between Vietnam and Korea to collaborate in various fields, including housing, real estate and industry.
As part of the first dialogue on economic cooperation between Vietnam and Korea, the two countries have agreed to jointly promote investments from Korea into Vietnam’s priority sectors, including supporting industries, automobiles, agricultural and food processing, new materials, precision engineering, high-tech, renewable energy, and smart infrastructure and cities.