South Korean builder Daewoo Engineering & Construction and Vietnam’s NBX Green Park, an affiliate of YSL Group, signed a memorandum of understanding to jointly develop the Nam Binh Xuyen Green Park Industrial Zone located in Vinh Phuc, Vietnam, the companies said Thursday.

The NBX Green Park Industrial zone is a large-scale real estate development project authorized by the Vietnamese government last year.

The plot of land of nearly 300 hectares will include industrial and commercial complexes, residential areas, parks, roads and parking lots.

Foreign companies with plans to build plants in the Southeast Asian country have been eyeing the zone for its geographical advantage of being located close to Noi Bai International Airport, Lao Cai railway and Hai Phong Port.

YSL Group, established in 2013, operates real estate, finance and hotel businesses in Vietnam. The group also works in trade, retail and real estate development in Korea.

YSL Group aims to lead the development of the NBX Green Park Industrial Zone to contribute in the flourishing of the local economy through its affiliate Vietnam NBX Green Park.

Following the memorandum, Daewoo E&C will start inspection of the NBX Green Park Industrial Zone for practical development.

Daewoo E&C’s employees in Vietnam will closely cooperate with NBX Green Park to speed up the development process, the company said.