Ho Chi Minh City's Department of Finance and the Korea Land & Housing Corporation (LH), a state-owned enterprise from the Republic of Korea (RoK), signed a memorandum of understanding (MoU) focused on an urban growth partnership program aimed at developing smart new urban areas, industrial parks, and additional initiatives in the southern metropolis.
According to the MoU, both parties will exchange information and share knowledge on urban development, while collaboratively hosting seminars to enhance their understanding of the legal frameworks and development trends in Ho Chi Minh City and the Republic of Korea.
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They will additionally examine and recognize “key projects,” with the municipal Department of Finance taking an active part in presenting locations for intelligent urban zones, industrial parks, and constructing social housing and worker accommodations, while also supplying essential data to the RoK partner.
Both parties will collaborate to entice Korean companies to participate in these initiatives.
Hoang Vu Thanh, Director of the Ho Chi Minh City Department of Finance, stated that the MoU holds importance not only for international collaboration but also for establishing a new framework to link global knowledge and expertise with the city's particular development requirements.
He shared his optimism that LH will act as a key link between Ho Chi Minh City and Korean companies, investors, and partners, aiding in the mobilization of extra resources for the city's growth.
Jung Jung Tae, Consul General of the RoK in Ho Chi Minh City, stated that the development strategy of the southern metropolis has numerous parallels with the urban development experience of the RoK, especially in terms of the cohesive link between new urban regions, public housing, industrial zones, regional transport, and urban infrastructure.
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He mentioned that LH’s expertise could benefit aspects Ho Chi Minh City is advancing, such as polycentric urban growth, transit-oriented development (TOD) near train stations, urban revitalization and redevelopment, links between industrial and logistics centers and residential neighborhoods, as well as sustainable and climate-resilient urban planning.
LH is a significant state-owned company of the RoK that has effectively designed and constructed extensive industrial parks and crucial national infrastructure initiatives.
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Ahn Byung Kon, Director General of the Global Business Office at LH, stated that the company aims to utilize its knowledge and skills in extensive industrial parks and intelligent urban development in Ho Chi Minh City.