Korea to work on housing development projects in Hanoi, Bac Ninh
![Korean Land Minister Park Sang-woo, left, and his Vietnamese counterpart, Nguyen Thanh Nghi, shake hands at a signing ceremony on July 16, 2024, in Hanoi for a memorandum of understanding regarding cooperation on urban and social housing development. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2024/07/17/c5d9acd3-d1fb-43be-8331-8580dd7ca38e.jpg)
Korean Land Minister Park Sang-woo, left, and his Vietnamese counterpart, Nguyen Thanh Nghi, shake hands at a signing ceremony on July 16, 2024, in Hanoi for a memorandum of understanding regarding cooperation on urban and social housing development. [YONHAP]
Korean Land Minister Park Sang-woo signed the memorandum of understanding with his Vietnamese counterpart, Nguyen Thanh Nghi, related to cooperation on urban and social housing development during his trip to Hanoi on Tuesday, the ministry said.
The ministry said it expects the Vietnamese government to formally establish ways for Korean companies to participate in urban development projects in the country, including Hanoi's plan to build 1 million social housing units by 2030 and an initiative in Bac Ninh Province.
Nguyen said that Vietnam aims to increase its urbanization rate from the current 43 percent to 50 percent by 2030 and expressed hope that Korean companies will actively participate in Vietnam's urban and housing development.
Park said Korea's experience managing rapid urbanization through new city development and urban redevelopment will serve as a valuable example. He promised to share the country's experience in and knowledge of land and fund procurement, as well as housing allocation methods, with Vietnam.
The Korean minister also requested cooperation from the Vietnamese Construction Ministry to facilitate the participation of the Korea Land and Housing Corp in the Bac Ninh development project.
Yonhap
with the Korea JoongAng Daily
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