South Korea's land ministry has signed an agreement with Vietnam's construction ministry to cooperate in city and town development projects in Vietnam.

The Korean ministry anticipates that the Vietnamese government will formalize opportunities for Korean companies to engage in urban development projects, such as those in the Bac Ninh region and Hanoi's plan to construct 1 million social housing units by 2030. Vietnam aims to raise its urbanization rate from 43% to 50% by 2030 and hopes for active participation from Korean firms in its urban and housing development. The Korean minister also sought cooperation from the Vietnamese construction ministry to enable the Korea Land and Housing Corp. to join the Bac Ninh region's development project.