Korea Development Bank to help finance town project in Hanoi

Daewoo Engineering & Construction has agreed with South Korean financial institutions, including Korea Development Bank, to jointly invest in the construction of a new town project in the centre of Hanoi, Vietnam.

The company has signed an investment development contract worth $388 million to build buildings, including a hotel, and residential and commercial buildings, inside Starlake City in Hanoi. 

The companies will create a fund and establish a special purpose company to carry out the project. The plans involve building two multipurpose, 35-storey buildings, with construction expected to be completed in 2024. Korean hotel chain Hotel Shilla will be responsible for operations of the hotel.