Daewoo Engineering & Construction Chairman Jung Won-ju wrapped up a weeklong trip to Vietnam this week, amplifying the company's presence in the Southeast Asian country to turn its gaze toward global ventures.
According to industry sources on Friday, the chairman explored cooperation for the second-phase development of the Starlake City project in Hanoi, as well as business partnerships in the Kien Giang Urban City Project in Thai Binh province.
Jung also reportedly assessed potential engagement in Vietnam’s state-led infrastructure projects.
Following the completion of the first phase of Starlake City, a large-scale township development, in 2024, Daewoo E&C is now moving forward with the second phase, set for completion in 2028.
Another ongoing venture there is Vietnam’s Kien Giang Urban City Project, which Daewoo E&C secured approval for as an investor in August last year. The construction work is set to be carried out over the next decade.
During a meeting with Hanoi People’s Committee Chairman Tran Sy Thanh on Tuesday, Jung highlighted Daewoo E&C’s role in drawing investment from major Korean conglomerates such as Samsung Electronics and CJ Group, citing the success of Korean-style new town developments such as Hanoi’s Starlake City.
The chairman further reaffirmed his commitment to participating in new town projects in the capital, contributing to the country’s urban development and housing stability.
Stating that he holds the Starlake City project in high regard, Thanh replied, “We will actively support Daewoo E&C and other Korean investors entering Hanoi.”
Jung also met with the chairmen of MB Bank and multi-industry economic group V Group to discuss cooperation on new town projects and business expansion strategies. Additionally, he met with Choi Young-sam, South Korea’s ambassador to Vietnam, to seek support for infrastructure and power generation ventures.
“We aspire to become a global construction developer that contributes to Vietnam’s economic development while elevating South Korea’s global stature,” a Daewoo E&C official said.
minmin@heraldcorp.com
