The Daewoo E&C Korea Board of Directors has approved a $105 million capital increase for Daewoo E&C Vina to develop two new urban area projects in Thai Binh and Nhon Trach (Dong Nai). This decision was made on August 12, 2024, and registered by the Planning and Investment Department.
Daewoo E&C has partnered with the DECV-THT-GIP LAND-ZUP consortium to become the investor of the new urban area housing project in Kien Giang, Thai Binh (commercially named “FO;RES STARLAKE”). This decision was approved on August 14, 2024. The project is the first in Thai Binh to be planned, constructed, developed, and operated by foreign investors, spanning over 96 hectares and with a total investment of VND 8,233 billion. Many anticipate that the consortium will create an eco-urban area with a Korean-style landscape right in the heart of Thai Binh city, integrating modern utilities and contributing to enhancing the city’s architectural landscape and improving the local quality of life.
According to Daewoo E&C’s leadership, the company is committed to investing in projects not only in major cities but also in other localities, promoting balanced urbanization in Vietnam. Additionally, Daewoo E&C has signed a cooperation agreement with a leading Vietnamese construction company to train and develop local human resources in the construction industry, enabling Vietnamese enterprises to participate in Daewoo E&C’s overseas projects.
Daewoo E&C has also introduced a new brand, FO;RES, for all its urban area projects in Vietnam. True to the brand’s name, their developments will be a symphony of nature and urban life, blending vast green spaces with serene relaxation. Homes will be sanctuaries where time slows down, allowing residents to reconnect with themselves and find solace from the疲倦 of everyday life.
“With our international-standard technical capabilities, Daewoo E&C is dedicated to creating high-quality urban areas and will strive to improve and enhance the living environment for the people of Vietnam,” the company’s leadership emphasized.
In Southern Vietnam, Daewoo E&C will collaborate with Taekwang Vina to develop the Long Tan Phu Hoi urban area project (commercially named FO;RES CENTERM) in Nhon Trach, Dong Nai, a province known for its numerous industrial parks. This project will span over 55 hectares in a prime location in the heart of Nhon Trach, close to the administrative center and benefiting from well-developed infrastructure. The investors plan to construct a diverse range of housing types, including low-rise and high-rise residences, complexes, and social housing. Significant areas will also be allocated for transportation infrastructure, green spaces, schools, medical facilities, public utilities, and a commercial center to cater to the needs of the residents.
Artist’s impression of Daewoo E&C’s new project in Nhon Trach, Dong Nai
Currently, the project is in the architectural design phase, with preparations underway for the infrastructure construction commencement and the first phase of sales, offering 306 low-rise villas of various types: Garden Villa, Single Villa, Shop Villa, Shophouse, and Townhouse. The combination of the leading investor’s capabilities in the Korean construction industry and their successful experience in Hanoi’s Starlake project will ensure the development of a modern and smart eco-friendly infrastructure in this urban area.
“This place will become a new center between Long Thanh International Airport and Ho Chi Minh City’s District 1, thanks to the Nhon Trach bridge connecting the two areas. FO;RES CENTERM will be a landmark in Nhon Trach, driving the county’s development and contributing to the economic growth of Dong Nai province as it aspires to become a key region in the eastern development of Ho Chi Minh City,” the investors’ representative emphasized.
Daewoo E&C is one of the earliest foreign investors in Vietnam, even before the establishment of formal diplomatic relations between Vietnam and South Korea in 1992. After the successful completion of two projects, the Daewoo Hotel complex and the Daeha Trade Center and Office Building, and the ongoing Starlake urban area project spanning 186 hectares in West West Lake, Daewoo E&C established Daewoo E&C Vina in 2017 to seek and develop new potential projects. This move reaffirms their commitment to reinvesting in the Vietnamese market and contributing to the country’s economic and urban development.
As one of the top three construction conglomerates in Korea, Daewoo E&C, through Daewoo E&C Vina, is the first and only Korean investor in Vietnam to engage in all stages of project development, from planning and architectural design to construction and urban area management. Daewoo E&C Vina is expected to initiate community activities and contribute to sustainable development and social welfare in Vietnam in the future.
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