The consortium consists of four parties: Daewoo Engineering & Construction Vietnam Co., Ltd., THT Development Co., Ltd., GIP Land Co., Ltd., and ZUP Invest Co., Ltd.
The project has a total area of 963,744m2, located in Tran Lam, Quang Trung, Ky Ba wards, Vu Chinh and Vu Phuc communes of Thai Binh city. The current land use is mainly for agriculture, transportation, and internal irrigation; water bodies and a portion of residential land that has not yet been cleared.
The total investment capital is nearly VND 9.7 trillion, including preliminary implementation costs of nearly VND 9.3 trillion and compensation and resettlement support costs of over VND 417 billion.
The projected population is approximately 18,626 people. The product structure includes commercial housing (with 858 terraced houses and 544 villas, where the investor constructs the framework and completes the exterior) and apartment buildings with a total land area of 38,864m2, consisting of 5 blocks, each 25 stories high. In addition, there will be social housing with a total land area of 64,623m2 and a height of 15 stories. The project also includes service works with a land area of 8,450m2 and commercial works with an area of 40,083m2…
The project has been approved by the Provincial People’s Committee for a 1/500 detailed plan in January 2017 and adjusted in April 2024. The project implementation period is 96 months from the date of land handover.
 New Kien Giang Urban Area – Source: Thai Binh Department of Construction
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Consortium Background
The most notable member of the consortium is Daewoo Engineering & Construction Vietnam Co., Ltd. (DECVN). Earlier, on July 3, during Prime Minister Pham Minh Chinh’s official visit to South Korea, the Daewoo E&C Group expressed its desire to participate in the development of a new urban area project in Thai Binh province.
The leader of the Daewoo E&C Group expressed their interest in investing and constructing projects in the fields of energy, power plants, industrial parks, and infrastructure in Vietnam, including plans to develop a new urban area project in Thai Binh province.
DECVN was established in January 2017, headquartered in Hanoi, with a main business line of construction. With a charter capital of 1 million USD, it is owned by Deawoo Engineering & Construction Co., Ltd. (headquartered in South Korea). Currently, Mr. Kwon Soon Jae (South Korea) is the Director and legal representative.
THT Development Co., Ltd. is also a 100% South Korean-owned enterprise and is known as the investor of the Tay Ho Tay Urban Center project (Starlake). The company currently has a charter capital of nearly VND 4,566 billion, with Mr. An Kuk Jin (South Korea) as the Director and legal representative.
ZUP Invest Co., Ltd. is a newly established company on June 6, with its main business line being real estate business, headquartered in Thai Binh city, Thai Binh province. With a charter capital of VND 250 billion, it is owned by Mr. Hoang Kim Tien, who is also the Director.
Mr. Tien is also known as the Director and legal representative of K-VTTC Investment Consulting Co., Ltd., established in 2020, with its main business line being architectural and related technical consulting. The enterprise has a charter capital of VND 23 billion and was recently renamed ZUP Thai Binh Joint Stock Company at the end of March.
On the other hand, GIP Land Co., Ltd. is the youngest enterprise, established just on June 8, headquartered in Thai Thuy district, Thai Binh province, with its main business line being real estate business. With a charter capital of VND 494 billion, in which Green I-Park Joint Stock Company holds 99.8%, Mr. Nguyen Tran Phong and Mr. Doan Duc Thang each hold 0.1%. The company is directed by Mr. Bui The Long, who is also the Director and legal representative of Green I-Park.
Green I-Park’s history reveals that it was once an indirect subsidiary of the Dat Xanh Group. Specifically, Green I-Park was established in 2019, with its main business line being short-term accommodation services. With a charter capital of VND 300 billion, the founding shareholders included Dat Xanh Real Estate Investment Joint Stock Company (later renamed Northern Real Estate Investment Joint Stock Company) holding 51%, Mr. Bui The Long holding 30%, and Mr. Nguyen Minh Hung holding 19%. In January 2020, Dat Xanh Real Estate Investment Joint Stock Company divested its entire capital. As of April, the company’s charter capital reached VND 989 billion.
