South Korea, Vietnam Expand Cooperation on Urban, Transportation Projects
Seoul and Hanoi strengthen strategic partnership through $740M new city project and $332M metro contract
Quick Look
- South Korea and Vietnam agreed to expand cooperation in urban and transportation development during summit talks.
- South Korea's Minister Kim Yun-duk requested support for the Dongnam New City project in Bac Ninh Province, a $740 million development.
- Hyundai Rotem signed a $332 million contract to supply driverless trains for Ho Chi Minh City's Metro Line No.
AI-generated summary
SEOUL, April 24 (Yonhap) -- South Korea and Vietnam have agreed to expand cooperation in urban and transportation development projects as part of broader bilateral ties discussed during summit talks between the two countries, the land ministry said Friday.
According to the Ministry of Land, Infrastructure and Transport, Minister Kim Yun-duk on Tuesday held talks with his Vietnamese counterpart, Tran Hong Minh, requesting support for the Dongnam New City project in Bac Ninh Province near Hanoi. Many South Korean companies are participating in the US$740 million development project to build a new self-sufficient town that integrates housing, commerce, business, culture and public infrastructure.
During a partnership forum, the two countries discussed ways to strengthen strategic cooperation on various projects, including infrastructure modernization, transportation and urban development.
On Wednesday, Kim attended a ceremony marking the completion of a multifunctional complex at Starlake City in Hanoi. The Starlake City project aims to build residential, commercial, educational and administrative centers around West Lake through a partnership between South Korea and Vietnam. The multifunctional complex houses offices, a hotel and retail facilities, with Daewoo Engineering & Construction and other Korean companies participating across the entire process -- from development and investment to construction and operation.
Also on Wednesday, Hyundai Rotem Co. signed a 491 billion-won (US$332 million) contract to supply driverless trains for Ho Chi Minh City's Metro Line No. 2, which is scheduled to begin operations in 2030.
