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(Seoul=NSP NEWS AGENCY) = Daewoo Engineering & Construction (E&C) has officially embarked on a new urban development project in Thai Binh Province, Vietnam, after being approved as an investor for the 'Kien Giang New Urban City Project' on August 14.

The Kien Giang New Urban City Project, approved for investment by the Daewoo E&C consortium, involves the development of a new urban area spanning approximately 963,000㎡ in Thai Binh City, the capital of Thai Binh Province. This development will include residential, commercial, apartment, and social housing facilities.

The project is set to unfold over a decade, from 2025 to 2035, with an estimated investment of around $390 million.

In this project, Daewoo E&C is collaborating with local Vietnamese company Green I-Park and Korean company Zenith. Daewoo E&C holds a 51% stake in the project, positioning it as the lead partner in the consortium responsible for overseeing the development of the Kien Giang New Urban City.

By Eun-young Huh(eunyoung114@nspna.com) and Eun-tae Kang(keepwatch@nspna.com)

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