S.Korea's Largest Project in Vietnam Licensed

The Ministry of Planning and Investment (MPI) yesterday granted a license to a South Korean consortium to invest US$314 million in developing a new urban area in Hanoi, marking South Korea’s largest project in Vietnam to date.

 

The consortium, comprising of five construction companies who have each invested 20 per cent in the project, will develop the 207.7-ha Tay Ho Urban Center in Tay Ho and Cau Giay precincts and Tu Liem district in the city.

 

The urban center will include offices, administrative and commercial centers, luxury hotels, a residential quarter and gardens and welfare works. The residential quarter will include high buildings and villas with 5,000 apartments to accommodate a population of 20,000 people.

 

The contractor pledged to complete the ground clearance for the project by 2009 and complete the project in 2014.

 

Minister of Planning and Investment Vo Hong Phuc, who handed over the license to the investors, said the Tay Ho Urban Center Project helped raise South Korea’s total investment into Vietnam to US$5.5 billion, adding that South Korea remains one of Vietnam's largest investors.