Hanoi City is intensifying its collaboration with South Korean companies to expand its future growth base. The city is shifting its focus from traditional urban development to attracting investments that enhance industrial competitiveness and urban infrastructure. Hanoi aims to connect South Korean capital and technology with its urban development strategy, thereby broadening economic cooperation between the two countries.
On September 9, Hanoi's People's Committee Chairman, Vu Dai Tang, met with key South Korean companies and investors in Seoul to discuss advancing core projects in Hanoi and expanding investment opportunities. During the meeting, Chairman Tang spoke with representatives from a consortium including Jeju Semiconductor, APACT, and FPT Korea. This consortium is working on a semiconductor packaging and testing research and development project, investing over $100 million in Hanoi's Hoa Lac High-Tech Park. The three companies have signed a memorandum of understanding and aim to break ground in November 2026, with production expected to begin in the first quarter of 2028.
The consortium expressed gratitude for Hanoi's interest and support, committing to focus their efforts on ensuring the project proceeds on schedule and contributes to strengthening economic cooperation between Vietnam and South Korea.
Chairman Tang emphasized that the semiconductor industry and innovation are key growth drivers for Hanoi's development model. He requested the consortium to quickly advance their memorandum of understanding into concrete project documents. Hanoi City will support the relevant procedures and designate the Hoa Lac High-Tech Park and Industrial Zone Management Committee as a dedicated point of contact for guidance and coordination.
Hanoi also plans to establish a semiconductor ecosystem in Hoa Lac, going beyond mere production facilities. Chairman Tang expressed hope that investors would gradually integrate production, research and development, integrated circuit design, and advanced workforce training, collaborating with local universities to create a robust industrial foundation.
On the same day, Chairman Tang met with Jeong Won-joo, Chairman of Daewoo Engineering & Construction. Daewoo expressed appreciation for the support received from the Vietnamese government and Hanoi City, proposing strategic cooperation plans. They specifically requested assistance in accelerating the Star Lake New City project and committed to promoting technology transfer and advanced workforce training for Vietnamese workers involved in the group project.
Daewoo also expressed willingness to share its experience in smart city and advanced urban development. They proposed sending a team of Korean experts to provide support. Additionally, they suggested holding an economic forum in Hanoi to commemorate the 35th anniversary of diplomatic relations between Korea and Vietnam in 2027, requesting Hanoi's cooperation in organizing the event and connecting businesses.
Chairman Tang acknowledged Daewoo's contributions to Hanoi, citing the Daewoo Hotel and the Star Lake Tay Ho urban development project as representative examples. Regarding Daewoo's proposals related to the Star Lake project, he stated, "I will instruct relevant departments and agencies to review and resolve any obstacles." He also urged Daewoo to allocate resources to expedite the remaining project items.
Hanoi City remains open to further urban development participation from Daewoo. Chairman Tang welcomed Daewoo's continued interest in new urban projects to implement the '100-Year Capital Comprehensive Plan.' He also assured that he would coordinate efforts to promote proposals and cooperation programs commemorating the bilateral relationship in 2027.
Discussions with Lotte Group also took place. Chairman Tang expressed pleasure in meeting with Shin Dong-bin, Chairman of Lotte Group, again after Shin's visit to Vietnam in April. He noted that Lotte's projects operating in Hanoi are running efficiently and contributing to the capital's socio-economic development.
Hanoi requested Lotte Group to review investments aligned with new development directions. Chairman Tang suggested considering investments in next-generation commercial complexes, hotel services, and projects related to the Hong River landscape, linked to public transportation infrastructure such as urban railways. He also mentioned pursuing collaborative projects with major Vietnamese companies.
In response, Chairman Shin expressed gratitude for the support provided by Hanoi City to Lotte and other South Korean companies. He stated, "We want to expand our investments in Vietnam and Hanoi based on the traditional cooperative relationship between Korea and Vietnam." Lotte Group is prepared to collaborate with Vietnamese partners in retail, hospitality, residential, office, and urban landscape sectors.
Shin also highlighted Lotte's commitment to investing in social value creation. He stated, "We will continue to invest not only in developing our core strengths but also in technology development programs for the younger generation and supporting innovative startups.
Meanwhile, Hanoi City has broadened its cooperation possibilities with South Korean companies across various sectors, including semiconductors, urban development, smart cities, and mixed-use commercial facilities, during its Seoul schedule. The city is focused on concretizing major investment projects and linking South Korean companies' entry into Vietnam with Hanoi's development strategy.
* This article has been translated by AI.
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