The shortlisted bidders are Omega Construction, JR Asset Management, Jeil Construction, Hyundai E&C and Posco E&C, LH said in a recent statement.

On the public-sector side, the Korea Overseas Infrastructure & Urban Development Corp (KIND) is also expected to participate.

Bac Ninh, about 40 km from Hanoi, was merged with neighboring Bac Giang to form the new Bac Ninh province in July. The northern Vietnam province is home to major foreign electronic giants, including Samsung, Goertek, Luxshare-ICT, Foxconn, Canon, and Amkor.

The selection marks a concrete step in South Korea’s Urban Growth Partnership Program (UGPP), a public-private initiative aimed at exporting Korean smart city and urban development models.

The proposed Southeast New Urban Area is expected to cover around 800 hectares in Que Vo district. LH said the project would be comparable in scale to Pangyo New Town in South Korea.

Under preliminary plans, the development is designed to accommodate a population of about 120,000, following a self-sustaining urban model that integrates residential areas with commercial and office space, cultural facilities, and public amenities.

The early involvement of Hyundai E&C and Posco E&C underscores Seoul’s push to realize what it describes as the first “K-New Town” in Vietnam. Subject to formal approval from Vietnamese authorities, LH said it plans to proceed with investor bidding and establish a local special purpose vehicle to implement the project.