In the morning of 3rd July, Prime Minister Pham Minh Chinh had a meeting with the leaders of leading Korean corporations including CJ, Posco, LG, Daewoo E&C, GS Engineering & Construction Corp, Celltrion and KDB Bank during his official visit to Korea.

The leaders of the corporations warmly welcomed Prime Minister Pham Minh Chinh on his visit to Korea, believed in the increasingly strong development of bilateral relations, and appreciated Vietnam’s increasingly improved investment and business environment.

For the investment expansion of corporations in Vietnam, the Prime Minister affirmed that the Vietnamese Government would accompany and support the corporations to invest, build, and develop projects in Vietnam effectively, successfully.

Daewoo develops a new urban area in Thai Binh City

The Prime Minister had meeting with Mr. Jung Won Ju, Chairman of Daewoo E&C Group and Chairman of the Korea Housing Construction Association.

Daewoo E&C (1973) is a multinational company operating in the construction and real estate sector. In 2023, the Company’s revenue reached over 8.4 billion USD, net profit reached 378 million USD, and has currently invested in construction in 50 countries.

Daewoo E&C is the first Korean construction company to establish a representative office in Vietnam in June 1991 (before the two countries officially established diplomatic relations in 1992). In 2017, Daewoo E&C Vina Company was officially established, with a total investment of 1.3 billion USD, operating in the fields of investment, construction, and urban business with the outstanding project of Starlake City Tay Ho Tay.

The Chairman expressed that Daewoo E&C wishes to participate in investing in the construction of projects in the fields of energy, power plants, industrial parks and infrastructure in Vietnam such as O Mon Thermal Power Plant No. 3 and No. 4, Hai Lang LNG, Long An LNG…; successfully applying and developing the smart city model in Tay Ho Tay urban area (Starlake); developing new urban area projects in Thai Binh and other localities.

The Group is also proud to contribute to social security and charity activities in Vietnam, build Vietnamese pagodas in Korea and will continue to make every effort to contribute to bilateral relations.

The Prime Minister said that developing new urban areas and promoting urbanization is a long-term strategy of Vietnam, saying that Daewoo’s choice of Thai Binh to invest in urban areas is the right choice because the well-planned and synchronous infrastructure system is being completed rapidly, the province has a high population density. The Prime Minister suggested the project should be implemented quickly because construction materials are in a good-priced period. On the other hand, the project should be implemented in a green, sustainable direction, limiting emissions.

The Prime Minister welcomed Daewoo E&C to continue to expand and reinvest in Vietnam, especially in the fields of infrastructure, real estate, energy, and smart urban model development, propose the group to participate in the program to eliminate temporary and dilapidated houses in Vietnam (expected completion in 2025).