STS signs MOU with Long An Province for Intella City new town development

A Korean developer is leading the development of a new city 17 times the size of Seoul's Yeouido near Ho Chi Minh City, Vietnam. STS Development announced on the 6th that it had signed an MOU with the government of Long An Province, Vietnam, for new city development. Vietnamese President Nguyen Xuan Phuc, who arrived in Korea on the 4th, attended the MOU signing ceremony between the Korean real estate developer and Long An Province of Vietnam for the new city development, held on the 6th at the Crystal Ballroom of the Lotte Hotel in Sogong-dong, Seoul, as part of the "Korea-Vietnam Business Summit," and encouraged both sides. STS Development to Build an 'Intelligent City' in Long An Province Near Ho Chi Minh City, Vietnam (Photo taken after signing the MOU for the new city development in Long An Province, Vietnam. From left: Gyeongsang National University President Kwon Sun-ki, Long An Province Chairman Nguyen Van Ut, Saigontel Vietnam Representative Nguyen Cam Phuong, and STS Development Chairman Kim Hyun-seok. Photo courtesy of STS Development.) The organizations that signed the MOU today include the Chairman of Long An Province in southern Vietnam, developer STS Development, and Gyeongsang National University, among others. The new city, to be built on approximately 4,700ha in Ben Luc District, Long An Province near Ho Chi Minh City (17 times the area of Seoul's Yeouido), will be tentatively named 'INTELLA CITY,' meaning 'Intelligent City in Long An.' Located just 4km in a straight line from Ho Chi Minh City, Intella City is considered, in terms of distance and urban structure, to have a location similar to Pangyo New Town in Seongnam, Korea. STS Development to Build an 'Intelligent City' in Long An Province Near Ho Chi Minh City, Vietnam The signing ceremony was attended by STS Development Chairman Kim Hyun-seok, who will oversee the entire project, along with the organizations and companies responsible for developing each of the new city's facilities and content. Attendees included Gyeongsang National University President Kwon Sun-ki, Gyeongsang National University Hospital Director Yoon Cheol-ho, MBC Play Be (KidZania) CEO Min Byung-woo, and Eccentric Ventures CEO Yoon Woo-geun. The new city, which will be equipped with self-contained lifestyle functions ranging from a Fourth Industrial Revolution knowledge industry complex to education, healthcare, shopping, and cultural centers, will be developed under the overall direction of STS Development. Founded in 2004, STS Development has carried out more than 100 real estate development projects in Korea, China, Thailand, and elsewhere. Beyond residential and urban development projects, the company has specialized in developing non-residential commercial sectors — such as shopping malls, logistics centers, and offices — and supplying them to the market on a B2B (business-to-business) basis. STS Development's partner for its Vietnam development business is Saigon Telecommunications Technology (Saigontel), a leading Vietnamese development company. Saigontel is a member of Saigon Invest Group (SGI), a developer actively engaged in development and investment across industrial park creation, urban development, and other infrastructure services. SGI has developed more than 30 projects in Vietnam. Notably, it helped grow Hai Phong into one of Vietnam's leading industrial hubs by attracting high-tech companies and the LG Group to the 1,000ha Trang Due Industrial Park in Hai Phong. STS Development Chairman Kim Hyun-seok said the company plans to export not merely hardware such as land or real estate development, but an entire future-oriented intelligent city development system — encompassing the new city's development process and content — to Vietnam's new city development project. Chairman Kim said, "Intella City, to be built in Long An Province, will have its entire urban infrastructure implemented through eco-friendly IoT (Internet of Things)," adding, "A Gyeongsang National University global campus will be established there, laying the educational foundation for advanced knowledge industries centered on IT and AI." He continued, "We will also bring in Gyeongsang National University Hospital to provide advanced smart medical services," and said, "The commercial land will feature Vietnam's largest suburban mixed-use shopping mall — including premium outlets — alongside family-oriented entertainment facilities such as KidZania, a water park, and an amusement park." The project will also establish and operate content education institutions such as a K-pop culture school for the generation enthusiastic about Korean pop culture, contributing to greater cultural exchange between the two countries. Chairman Kim went on to say, "In Vietnam recently, IT-based startup investment has been active alongside real estate development, and venture companies have been growing noticeably, but the startup and incubation systems needed to support them remain lacking." He emphasized, "We plan to develop the self-contained city's industrial sector into a hub for technology-based venture companies and data centers, essentially replicating Korea's Pangyo Venture Valley in Vietnam." Building the venture valley will be handled by global accelerators and VCs, including Eccentric Ventures, which has a track record of producing more than 13 unicorn companies worldwide. [Reporter Kim Jin-soo]