MOU between Hanoi and Gyeonggi Province to develop western area of Hanoi

Hanoi, the capital of Vietnam, is joining hands with Korea's Gyeonggi Province to develop the western urban area.

Hanoi City Party Secretary-General Dinh Tien Dung (political bureau member) held a meeting with Gyeonggi Province Climate Ambassador Kang Geum-sil and his team on the 7th September and signed a memorandum of understanding (MOU) on cooperation in the development of Hoa Lac Hi-Tech Park agreed to proceed with the conclusion.

At the meeting that day, Secretary General Yung explained Hanoi's development status, especially the Western City Development Plan and the development potential of Hoa Lac High-Tech Park, and requested interest and cooperation from Gyeonggi Province.

Secretary General Yung said, “Hanoi City is promoting the development of two western regions, Hoa Lac and Xuan Mai, into satellite cities centered on science and technology and education and training.” “The development of an integrated city will not only ease the burden on the 12 urban areas of the capital, but will also become an educational center for 1 million college students and 2.3 million elementary, middle, and high school students,” he said.

At the same time, Secretary General Yung said, “In particular, Hoa Lac High-Tech Park is a key element of the Hoa Lac-Xuan Mai Western Satellite City and is expected to become a center of science and technology and education by combining with each university. “It is expected that the transfer of the park’s operating rights will be completed,” he explained.

Hoa Lac High-Tech Park is the largest high-tech industrial complex in Vietnam with a total area of ​​ 15.86 ㎢ , and is an industrial complex with great potential in the semiconductor, electronic products, and talent training sectors.

In addition, new investors have applied for development of more than 30% of the total area, but currently limited investment in basic infrastructure is being made, and Hanoi City is hoping to cooperate in infrastructure investment such as roads and railways. Regarding this, Gyeonggi Province Climate Ambassador Kang Geum-sil said, “Gyeonggi Province hopes for cooperation in various sectors, including education, especially the economic sector,” and added, “The development of Hoa Lac High-Tech Park is a pillar that can lead new socioeconomic development in Hanoi, which is undergoing rapid urbanization. “It will be this,” he said highly.

Kim Se-yong, CEO of Gyeonggi Housing Corporation, explained the experience and know-how accumulated over many years in industrial complex and urban development, especially based on 18 years of experience in running a business in Vietnam, including participating in the Bac An Khanh urban development project. He was confident that the development of Hoa Lac High-Tech Park would also be carried out successfully.

Secretary General Yung welcomed cooperation with Gyeonggi Province, saying, “Hanoi City always welcomes foreign investors’ investment and cooperation expansion, production and business with an open mind, and at the same time seeks to support them by creating favorable conditions for them.”

Meanwhile, Secretary General Yung said, “Gyeonggi Province’s opinions and proposals are consistent with the wishes and expectations of the Hanoi city authorities,” and added, “A memorandum of understanding containing practical and specific details on ways to utilize the strengths of both sides through the working group will be signed within this year.” “Let’s make it happen,” he suggested.

Korea and Vietnam, which established diplomatic relations in December 1992, have strengthened cooperation in all sectors, including economy, trade, investment, labor, and tourism, based on friendly relations. Last year, in celebration of the 50th anniversary of diplomatic relations, the relationship between the two countries was upgraded to a comprehensive strategic partnership.

In September, for Vietnam, Korea ranks first in FDI (foreign direct investment), second in ODA (official development assistance), second in labor exchanges and tourists, and third in trade. For Korea, Vietnam also ranked first in trade for the first time last year. The two countries are inseparable core cooperative partners, with a surplus (USD 34.3 billion).

In particular, the total amount of Korean FDI investing in Hanoi reaches $7.84 billion, and the Korean government provided $17.96 million in ODA funds to eight key projects in Hanoi.

In terms of cultural exchange, Hanoi has been holding various cultural and artistic exchange events such as 'Hanoi City Korea Day', 'K-Pop Contest', and 'Korea-Vietnam Food Culture Festival' through cooperation with the Korean Embassy in Vietnam since 2017. Exchanges have continued, including dispatching a Hanoi art troupe to international cultural events held in Korea. In addition, various organizations in Korea provide short-term training programs every year to Hanoi city officials in the areas of urban planning, transportation, information and communication, and water resource management and use.

Gyeonggi Province established an official exchange relationship with Ha Tay Province, which was integrated into Hanoi City, in 2000 and has maintained the relationship to this day. In 2013 and 2017, Gyeonggi Province promoted international exchange and cooperation by dispatching a delegation from the Gyeonggi Provincial Council to the Hanoi City People's Assembly. It has continued.