Push to complete Starlake New Town underway
Hanoi, Daewoo also discuss further investment cooperation
Chung Won-ju, chairman of Daewoo Engineering & Construction, met with Vu Dai Thang, chairman of the Hanoi People's Committee, during Vu's recent visit to Korea. The two discussed the state of Daewoo's projects in Vietnam and future cooperation.
According to Daewoo Engineering & Construction on Wednesday, Vu traveled to Korea for a four-day trip starting Sunday, together with Tran Thanh Man, chairman of Vietnam's National Assembly. On Tuesday, Vu held talks with Korean companies, including Daewoo Engineering & Construction, at The Grand Lotte Seoul in Sogong-dong, Seoul, to discuss ways to boost infrastructure investment in Hanoi.
Earlier, in June, Hanoi unveiled a "100-Year Vision Master Plan," declaring plans to overhaul the city's spatial structure around the Red River. The plan aims to transform Hanoi into a multilayered, multipolar city with global competitiveness.
"Over the past 30-odd years, Daewoo Engineering & Construction has carried out a range of projects in Vietnam and grown alongside the local economy," Chung said. "In particular, we have served as a platform connecting investment from local and Korean companies through the Starlake New Town project, and going forward, we will continue to expand our investment in new towns, infrastructure, energy and other areas by drawing on the experience and achievements we have accumulated in Vietnam."
"For the successful completion of Starlake New Town and Hanoi's balanced urban development, it is important that administrative procedures such as the relocation of government agencies, land compensation and permitting proceed swiftly and smoothly," Chung added. "We ask for Hanoi's active support, and Daewoo Engineering & Construction will also do its utmost to bring the Starlake project to completion through continued investment, including additional office development tied to the relocation of government agencies."
Daewoo Engineering & Construction is pursuing Starlake New Town, a massive Korean-style new town development, with the goal of creating "the Gangnam of Hanoi" in the Vietnamese capital. The company holds a 100 percent stake in the mixed-use development project and is continuing to restructure the business.
In response, Vu said, "We highly value Daewoo Engineering & Construction's contribution to Hanoi's development. Daewoo's technological capabilities will be essential for Hanoi's future, and we ask for a great deal of support in this regard." He added, "We will actively support land compensation for the Starlake City project site and the relocation of government agencies, and let us work together to ensure the remaining phases of the new town are completed as soon as possible."
A Daewoo Engineering & Construction official said the company is considering new business models, such as a K-smart city concept that combines Korean technology with culture and content. The concept is in line with Hanoi's 100-year vision and urban development strategy. "We hope to go beyond simple urban development to realize a future-oriented city that incorporates culture and content, thereby strengthening Hanoi's global competitiveness and contributing to expanded exchange between Korea and Vietnam," the official said.
hss@heraldcorp.com
