Daewoo E&C scales up smart city and infrastructure projects in Vietnam

Daewoo E&C scales up smart city and infrastructure projects in Vietnam

Finance Minister Nguyen Van Thang received a delegation from Daewoo E&C Group led by vice chairman Han Seung on September 29.

Minister Thang said that Vietnam-South Korea relations are currently at their most fruitful stage since the establishment of diplomatic ties between the two countries. Based on the solid momentum of over 30 years of strong development, the comprehensive and growing cooperation in all areas has significantly contributed to the socioeconomic development of both Vietnam and South Korea, especially in investment.

“Vietnam highly welcomes the investment expansion plans of South Korean enterprises in Vietnam, including Daewoo E&C Group,” the minister emphasised.

Discussing the group's investment plans, welcomed Daewoo E&C's continued expansion and reinvestment in Vietnam in areas such as infrastructure, real estate, energy, smart city development, and the construction of industrial zones exclusively for South Korean businesses. He especially emphasised cooperation in building nuclear power plants and high-speed railways in Vietnam.

The minister particularly praised Daewoo E&C's application of smart city models in the Tay Ho Tay urban centre in Hanoi, and encouraged the company to replicate this model in other Daewoo E&C projects.

"We also appreciate the group's intention to reinvest in Hanoi through the Thuong Cat New Urban Areat. This is considered a high-potential project that can attract a new wave of investment from major Korean corporations and directly contribute to creating high-quality jobs for local people," the minister said.

Vietnam is aiming for economic growth of 8.3-8.5 per cent in 2025 and double-digit growth thereafter. To achieve these ambitious development goals, the Party and state have identified a four-pillar strategy, including breakthroughs in science, technology, innovation, and national digital transformation; international integration; reforming lawmaking and law enforcement to meet the country's development needs; and private sector development.

Within this context, Vietnam is prioritising the development of green and sustainable energy (especially nuclear power) and transportation infrastructure (especially urban railways and high-speed railways) as key tasks to improve quality of life and enhance national competitiveness.

“The Ministry of Finance (MoF) highly appreciates Daewoo E&C's interest in participating in the construction of nuclear power plants and high-speed rail lines in Vietnam,” he said, and encouraged the group to promptly implement its investment plans and continue researching and developing smart urban networks in Vietnam.

Seung replied that Daewoo E&C is closely collaborating with South Korea's Ministry of Land, Infrastructure, and Transport to apply the latest technologies in the development of green and smart urban areas. He hopes these technologies can soon be implemented in the Thuong Cat urban project in Vietnam.

"We always believe that Daewoo's development goes hand-in-hand with Vietnam's development. In addition to business growth, Daewoo E&C actively engages in social and community support activities in Vietnam. Our strategy is to reinvest all business profits back into Vietnam," Seung stated. “We hope to continue receiving support from the government, the MoF, and relevant Vietnamese agencies.”

As of August 31, South Korea's total registered investment in Vietnam had exceeded $95 billion, covering 10,264 valid projects, ranking first among 152 countries and territories investing in Vietnam in both registered capital and number of projects.

In just the first eight months of 2025, South Korea invested around $4 billion in Vietnam through 279 new projects, ranking second among all countries and territories investing in the country.

VIR