Ho Chi Minh City agency, Korean business sign urban growth cooperation deal
The Ho Chi Minh City Department of Finance and Korea Land & Housing Corporation (LH) signed a memorandum of understanding (MoU) on the Urban Growth Partnership Program on the morning of August 20.
On August 20, the Ho Chi Minh City Department of Finance and the Korea Land & Housing Corporation (LH) inked a memorandum of understanding (MoU) for the Urban Growth Partnership Program. South Korean Consul General Jung Jung-tae expressed optimism that the MoU would enable LH's expertise to contribute to Ho Chi Minh City's transformation into a global city.
He urged the two parties to begin pilot projects in urban development, housing, and infrastructure. Director Hoang Vu Thanh commended South Korean officials and partners, noting that Ho Chi Minh City accounts for 24.5 percent of Vietnam's GDP and experienced a 8.55 percent growth rate in the first half of 2026. The city had drawn over US$9.8 billion in foreign direct investment by the end of July 2026, with South Korea leading in the number of ongoing projects.
Thanh hailed the signing of the five-year MoU as a significant milestone. The partnership will concentrate on knowledge sharing, flagship projects in social housing and smart urban development, and investment attraction. The collaboration, under the slogan "sharing together - researching together - acting together - developing together," is expected to yield concrete benefits for Ho Chi Minh City's urban development.
LH CEO Ahn Byung-kon expressed confidence that the partnership would set a precedent for an eco-friendly urban-industrial complex.
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