South Korea is embarking on a public-private joint project to develop a new city in Vietnam based on the Korean new city model, paving the way for South Korea's export of urban development.

According to the Ministry of Land, Infrastructure and Transport on Wednesday, a joint public-private support group led by minister Park Sang-woo visited Vietnam from Monday to Wednesday, adding the two countries agreed to cooperate on large-scale projects such as urban development and high-speed rail construction in the Southeast Asian nation.

The visit comes as a follow-up to the Urban Growth Partnership Program(UGPP) agreed upon during President Yoon Suk Yeol's visit to Vietnam in June last year, and to support the participation of Korean companies and institutions in the construction of the North-South high-speed railway in the country.

Minister Park met with his Vietnamese counterpart on Tuesday and discussed the development of a new city in Bac Ninh Province in northern Vietnam, the first project under the UGPP.

The two ministers signed a memorandum of understanding(MOU) for an urban and housing development project and a smart city and social housing construction plan.