Vietnam and the Republic of Korea (RoK) will enhance cooperation in urban and housing development following a memorandum of understanding (MoU) signed between the Vietnamese Ministry of Construction and Korean Ministry of Land, Infrastructure and Transport (MOLIT) in Ha Noi on July 16.

The MoU was signed by Minister of Construction Nguyen Thanh Nghi and Minister of the MOLIT Park Sangwoo, the Government News has reported.

The signing was made following talks held between the two ministers on  the same day.

The two sides pledged to create favorable conditions for Korean firms to implement the Urban Growth Partnership Program (UDPP) for which the Korea Land and Housing Corporation has signed cooperation agreements with Vietnamese localities such as Bac Ninh, Bac Giang, Hung Yen, Thanh Hoa and Binh Duong.

They will encourage Korean companies to engage in smart urban development, while providing favourable conditions for them to implement social housing projects in Vietnam under the scheme to build at least 1 million apartments for low-income earners and workers in industrial parks in the 2021-2030 periods.