South Korea eyes investment in transport infrastructure in Hanoi

Transport infrastructure and affordable housing are the fields that Hanoi plans to develop amid rapid urbanization.

A senior South Korean official has suggested Hanoi and South Korean authorities strengthen cooperation in developing transportation infrastructure, smart city, and low-cost housing projects.

Kim Sang Mun, Director of the Department of Construction Policies under South Korea's Ministry of Land, Infrastructure and Transport (MLIT), said at the meeting with a delegation of Hanoi’s officials led by Vice Chairman of the People’s Committee Nguyen Trong Dong.

Kim said that local authorities must balance the interests of all related parties in land and infrastructure development.

He added that construction projects must meet the development status of society and prioritize environmental protection and sustainable development.

Vice Chairman of the Hanoi People’s Committee Nguyen Trong Dong meets Kim Sang Mun, an official of South Korea's Ministry of Land, Infrastructure and Transport, on November 17. Photo: The Hanoi Times

Transportation infrastructure and low-cost housing are the fields that Hanoi plans to develop following rapid urbanization.

The officials from Hanoi and MLIT discussed the issues during the visit paid to South Korea by the delegation on November 15-24.

At the meeting with MLIT officials, Nguyen Trong Dong said Hanoi authorities have "basically" resolved all obstacles that may hinder the operations of Korean businesses in the city.

"The capital city always listens to businesses and accompanies them to overcome challenges to assure efficient operations," he noted.

Speaking highly of the contributions of South Korean companies to Vietnam's socio-economic development, Dong said Hanoi, in particular, will provide the best conditions to remain the top-choice destination for South Korean companies.

Among key solutions are a digitalized administrative system, public disclosure of all land use plans, enhancement of trade promotion agencies, improvement of administration for processing industries, and development of transport and mass infrastructure.

Specifically, Hanoi will prioritize potential projects on infrastructure and low-cost housing development, smart city development, environmentally-friendly auxiliary production, information and telecommunication, technology, finance, and tourism and services.

The Vietnamese official said that 2022 marks the 30 ^th anniversary of the Vietnam-South Korea diplomatic relationship, and it is a chance for both sides to foster partnerships in all areas.

According to Jeong Marn-ki, Executive Vice Chairman of the Korea International Trade Association, South Korea is now among its major partners of Vietnam with highlights in economic partnership.

He said South Korea is Vietnam’s biggest foreign investor, second-largest labor-tourism-development partner, and third-largest trade partner.

According to Nguyen Trong Dong, Hanoi attracted a total of US$116.2 million worth of foreign direct investment (FDI) from South Korean firms in the first ten months of this year.

During his visit, Dong met executives of South Korean corporations, including Ean & Nana Investment, SNS International, Daewoo E&C, JR AMC, and Lotte Group. These companies are operating in several fields, including property management and development.

He also worked with the Vietnamese Embassy in South Korea in the hope that the diplomats would promote the image of Hanoi to international communities and help strengthen the relationship between Hanoi and South Korean localities.