Within the framework of the State visit to Vietnam by the President of the Republic of Korea, Lee Jae Myung, and the First Lady, a series of important cooperation agreements were signed. Among them is a Memorandum of Understanding (MOU) between RSQUARE Vietnam and Kinh Bac City Group (KBC) – an event considered a strategic step to create a comprehensive support ecosystem for South Korean enterprises entering the Vietnamese industrial real estate market.
Vietnam – South Korea Economic Forum: A Foundation for Strategic Cooperation
On the afternoon of April 23 in Hanoi, the Korea Chamber of Commerce and Industry (KCCI), in collaboration with the Ministry of Finance of Vietnam, co-hosted the Vietnam – South Korea Economic Forum under the theme “Enhancing the strategic partnership in industrial development, investment, and science and technology between the two countries.”
Speaking at the event, Prime Minister of Vietnam Le Minh Hung emphasized that the forum holds special significance. It not only affirms the outstanding cooperative achievements over the past three decades but also opens up a direction for a new phase of deeper, more effective, and highly strategic cooperation.
According to announced data, South Korea is currently the largest foreign investor and the third-largest trading partner of Vietnam, with nearly 10,500 valid projects and total registered capital reaching nearly $100 billion USD. These projects have created approximately 1 million jobs and contributed over 30% to Vietnam’s total export turnover.
At the forum, enterprises from both countries signed and exchanged 73 Memorandums of Understanding (MOUs) across multiple sectors, including energy, finance, technology, electronics, telecommunications, processing, manufacturing, mechanics, construction, infrastructure, commerce, tourism, and aviation.
Notably, Kinh Bac City Development Holding Corporation (KBC) attended the Forum with specific plans to promote and attract investment from South Korean enterprises into industrial park projects developed by KBC. Witnessed by the Minister of Finance of Vietnam and the Minister of Trade, Industry and Energy of South Korea, Ms. Nguyen Thi Thu Huong – General Director of KBC – and representatives from two South Korean enterprises signed and exchanged land sublease contracts along with MOUs for investment cooperation.
RSQUARE Vietnam and Kinh Bac City Group: Connecting Core Competencies
Shortly thereafter, on April 24, RSQUARE Vietnam officially announced the signing of an MOU with Kinh Bac City Group (KBC) – one of the quintessential core enterprises in Vietnam’s industrial real estate market.
The agreement aims for comprehensive cooperation in several core areas:
- Attracting foreign direct investment (FDI) enterprises.
- Providing industrial parks.
- Developing Built-to-Suit factories.
- Offering investment advisory services.
This is expected to form a seamless support structure, accompanying businesses from the initial stage of considering investment in Vietnam through to contract signing, handover, and operation.
With a foundation of experience in developing large-scale industrial parks and synchronized production infrastructure, Kinh Bac Group possesses a distinct advantage in attracting global enterprises. Under the agreement, Kinh Bac will supply a diverse range of assets, including industrial park land banks, factories, and warehouses, to meet the demands of clients prospected and introduced by RSQUARE Vietnam.
For its part, RSQUARE Vietnam will take on the role of seeking potential domestic and foreign investment enterprises, conducting site surveys, providing market information, and offering in-depth investment advisory services.
Built-to-Suit Factory Solutions: Meeting Stringent Standards
The highlight of the agreement is the cooperative plan to develop not only standard ready-built factories for lease but also Built-to-Suit factory solutions, custom-designed to align with the specific production processes and operational methods of each enterprise.
In order to meet the stringent equipment standards and complex operational requirements of high-tech companies, both parties also plan to provide accompanying specialized services such as legal counsel, construction, permitting, and schedule management.
Mr. Lee Yong-gyun, CEO of RSQUARE, stated: “This agreement will become a practical foundation to successfully support South Korean enterprises entering the Vietnamese market. By combining the capacity to supply industrial real estate with data-driven advisory capabilities, we will provide our clients with faster and more accurate solutions.”
Strategic Vision
The cooperation between RSQUARE Vietnam and Kinh Bac Group not only reflects the trend of strategic alliances between infrastructure developers and professional investment advisory firms, but it also opens up opportunities to attract high-quality capital flows from South Korea into Vietnam’s industrial real estate market – a sector that is increasingly asserting its pivotal position in the economy.
With an increasingly improving investment environment and the demand to shift global supply chains, Vietnam is emerging as an attractive destination for South Korean investors. Agreements like the MOU between RSQUARE Vietnam and KBC serve as solid bridges, contributing to the realization of bilateral cooperation opportunities in this new phase of development.
