Ho Chi Minh City (VNA) – Ho Chi Minh City's Department of Finance and Korea Land & Housing Corporation (LH), the state-owned enterprise of the Republic of Korea (RoK), on August 20 signed a memorandum of understanding (MoU) on an urban growth partnership programme to promote smart new urban areas, industrial parks and other projects in the southern metropolis.

Under the MoU, the two sides will share knowledge and exchange information on urban development, while jointly organising seminars to gain a better understanding of the legal frameworks and development trends in Ho Chi Minh City and the RoK.

They will also study and identify “leading projects”, with the municipal Department of Finance playing an active role in introducing sites for smart urban areas, industrial parks, building social housing and housing for workers, as well as providing necessary data to the RoK partner. The two sides will work to attract Korean businesses to join these projects.

Director of the Ho Chi Minh City Department of Finance Hoang Vu Thanh said the MoU is significant not only for international cooperation but also for creating a new mechanism to connect international knowledge and experience with the city’s specific development needs.

He expressed his hope that LH will serve as an important bridge connecting Ho Chi Minh City with Korean businesses, investors and partners, helping mobilise additional resources for the city’s development.

Consul General of the RoK in Ho Chi Minh City Jung Jung Tae said the southern metropolis’s development strategy shares many similarities with the RoK’s urban development experience, particularly the integrated connection among new urban areas, public housing, industrial parks, regional transport and urban infrastructure.

He said LH’s experience could contribute to areas Ho Chi Minh City is promoting, including polycentric urban development, transit-oriented development (TOD) around railway stations, urban renewal and redevelopment, connections between industrial and logistics hubs and residential areas, and sustainable and climate-resilient urban development.

LH is a major state-owned enterprise of the RoK that has successfully planned and developed large-scale industrial parks and key national infrastructure projects.

Ahn Byung Kon, Director General of Global Business Office at LH, said the corporation hopes to leverage its experience and expertise in large-scale industrial park and smart urban development in Ho Chi Minh City./.