Daewoo Engineering and Construction Co. said Thursday it will invest US$390 million in a new town development project in Vietnam's Thai Binh province.The company said it received approval on Aug. 14 from the provincial authorities for the right to participate in the Kien Giang new urban residential area project.The project, spanning across a 963,000-square-meter area, will include the development of residential and commercial facilities, apartments and social housing. Daewoo E and C's investment will be made over a 10-year period, from 2025 to 2035.Thai Binh is located about 110 kilometers north of Hanoi. Since being designated as an economic special zone in 2018, the region has rapidly transformed into an emerging industrial city.Daewoo E and C has partnered with Green i-Park Corp., a local company, and Zenith Korea, a South Korean SME, for the project. Daewoo E and C will lead the project with a 51 percent stake in the overall business.Source: Yonhap News Agency