The Korean Real Estate Giant Aims for a Mega Project: A 1,500-Hectare Township “to be an Icon, Not Just for Vietnam but the World”

In a recent development, leaders of Bac Ninh province held a meeting with Mr. Lee Han Joon, CEO of the Korea Land and Housing Corporation (LH), to discuss cooperation in the development of the Southeast Bac Ninh urban area, as reported by the Bac Ninh provincial government’s website.

Mr. Vuong Quoc Tuan, Chairman of the Provincial People’s Committee, expressed confidence in the province’s and LH’s ability to achieve new milestones in their partnership, two years after signing a Memorandum of Understanding (MoU).

Sharing the province’s vision, Chairman Tuan highlighted their focus on attracting and developing urban, commercial, and service projects, in addition to their strong industrial development. The province has already attracted $7.5 billion in investments in this sector and plans to select additional investors with a total capital of approximately $8 billion. For priority investment projects, the province will implement a “green channel” mechanism to streamline administrative procedures.

Currently, the province is in the final stages of merging with Bac Giang province to form a new province with a significantly larger area and population. This merger will create new opportunities and conditions to boost the development of the new Bac Ninh province in the future.

Chairman Tuan expressed confidence in LH’s capabilities and experience, believing that they will soon commence the development of the Southeast Bac Ninh urban area project.

Mr. Lee Han Joon, LH CEO, stated that the Southeast Bac Ninh urban area project is the corporation’s first urban development project in Vietnam. He pledged to deploy their most experienced experts to ensure that the project becomes a symbol of not only Vietnam but also the world. LH has already prepared a feasibility study report and is finalizing the investment approval dossier to submit to the relevant authorities as soon as possible.

LH is a corporation under the Korean government and a leading enterprise in the field of urban and industrial park construction, providing 120,000 apartments annually.

Previously, in June 2023, the Bac Ninh People’s Committee and LH signed an MoU. The main areas of cooperation included research, exchange of ideas, and collaboration on detailed planning and business plans for the successful implementation of the project, as well as organizing workshops on urban issues in Bac Ninh. The MoU took effect from the signing date and will remain valid until a decision is made to select an investor for the new Southeast urban area project.

In 2017, the Provincial People’s Committee approved the 1/5000 scale planning project for the Southeast Bac Ninh urban area, covering a total natural land area of 1,520 hectares and accommodating a population of about 65,000 people.

The Southeast Bac Ninh urban area will encompass parts of several wards and communes in Bac Ninh city, including Dap Cau, Thi Cau, Vu Ninh, Dai Phuc, Van Duong, and Kim Chan, as well as Dai Xuan, Nhan Hoa, and Phuong Lieu communes in Que Vo district. The urban area enjoys a strategic location at the gateway to two cities and is well-connected to important national transportation systems, including National Highways QL18 and QL1, the planned Ring Road 4, and the future DT 285B axis.

The urban area’s spatial planning and landscape architecture are designed following the “compact city” model, with maximum building density and land-use coefficients (light compaction), and mixed land-use functions to develop multifunctional areas.