Hanwha E&C held a signing ceremony in Seoul on Oct. 24 for a memorandum of understanding on mutual cooperation with BECAMEX IDC, a Vietnamese industrial park and new city development corporation, and Woori Financial Group for the project to develop Vietnam's BInh Duong New City.
With this, Hanwha E&C will form a "consortium on the project to develop BInh Duong New City by pushing for development investment in commercial and residential facilities. It also plans to hold talks on the development of land owned by BECAMEX in the new town.
The project to develop the new town was completed in 2015 with the first one covering administrative towns, industrial complexes and financial centers on a site located 25 kilometers north of Ho Chi Minh, Vietnam, and aims to build a high-tech city where more than 500,000 residents and workers live upon completion by 2022.
“The MOU is an opportunity for Hanwha to establish itself as a leading company in the global urban development sector following the construction of a new town in Bismayah, Iraq under construction,” said Kim Hyo-jin, vice president of Hanwha Engineering & Construction Co. "We plan to expand our presence in the Vietnamese market starting with this project."