• The two companies signed the Memorandum of Understanding to establish Joint Venture in Hanoi, Vietnam… full-scale promotion of Smart City Project in Vietnam
• Plan to develop a decision support system based on internal and external creation data and a new business model including Starlake City operation and management
• Expectations for developing innovative business models based on Smart City standardization and open innovation platform

SEOUL, South Korea, June 22, 2022 /PRNewswire/ — Cloud delivery platform company, Bespin Global(https://bespinglobal.com, CEO HanJoo Lee) announced on June 21^st that its Vietnamese subsidiary – Bespin Global Vietnam and a local subsidiary of Daewoo Engineering & Construction – THT Development Company plan to establish ‘Smart City Operation Joint Venture’ within this year and promote the Smart City project in Vietnam at full-scale.

Bespin Global Vietnam and THT Development recently signed the Memorandum of Understanding for the establishment of a ‘Smart City Operation Joint Venture’ at the ‘Integrated Command & Control Center’ in Starlake City in Hanoi, Vietnam. The signing ceremony took place with the participation of key stakeholders from both companies including Hoon Park, a Co-Founder and President of Asia and Europe of Bespin Global, Ted Kim, General Manager of Bespin Global Vietnam, Seung Han, Senior Vice President of Daewoo E&C and An Kuk-jin, General Director of Daewoo E&C THT Development.

The joint venture, which will be established with the cooperation of the two companies, will be in charge of the operation and management of data-based Smart City in Starlake City, Hanoi, Vietnam in the future. In addition, it will focus on establishing a decision support system and developing a new business model based on various element technology data generated within the Smart City. Element technology data refers to the technology applied to each element and the data generated from the technology so that the capabilities of Smart City can be properly implemented. It includes autonomous driving, smart energy, smart grid(intelligent power grid system), air quality measurement and water quality management system, AR/VR-based construction learning system, BIM(Building Information Management) system, smart construction using drones, apartment, villa, office, and green area operation and management(O&M) and etc.

In addition to the data generated in the Starlake City, it will continue to create new values based on data generated from various business activities such as collaboration with Smart City element technology startups and tech companies that will attract joint ventures, cooperation projects with both Korean and Vietnamese government agencies and major Vietnamese infrastructure companies and Smart City related projects developed by Joint Ventures.

Through this agreement, Bespin Global will be able to secure the long-term operation and investment foundation of the Smart City data integrated management platform. In addition, while enhancing Smart City platform development and operation capabilities, it plans to commercialize and expand Smart City businesses in Vietnam in the future. THT Development has the ability and experience to manage Smart City operations and will expand and support New City business projects based on this in the future.

The two companies announced that they plan to build close mutual cooperation based on their core capabilities and technologies.  Bespin Global focuses on establishment of Business Strategy and Platform for Vietnam Smart City 2.0, building an Open Innovation Platform for Smart City, attracting a variety of Smart City Element Tech Companies, establishment and operation of data-based Smart City operation and management system, empowering Smart City data integration management platform, and building a cloud-based foundation based on its Cloud and digital transformation expertise.

TH Development not only actively introduces a data-based Smart City operation system in Starlake City, Hanoi, but also fosters Starlake City as a POC demonstration complex that reviews and applies various Smart City element technologies. In addition, it plans to make efforts to actively provide joint ventures and partners with opportunities to participate in various projects.

Seung Han, Senior Vice President of Daewoo E&C said, " With the signing of this agreement and the establishment of a joint venture, we have taken the first step toward creating a data-based Smart City beyond the Smart City stage that reflects some of the existing element technologies. He added that "We will do our best to establish ‘Smart City Operation Joint Venture’ and lead related projects successfully to become a best practice for the Smart City standard model that generates substantial profits, and Daewoo Engineering & Construction will serve as a priming water for the expansion of the smart city industry, a new future food."

Hoon Park, a Co-Founder and President of Asia and Europe of Bespin Global said, "Through this agreement, Bespin Global’s goal is not only to operate and manage Smart City data, but also to help digital native startups and tech companies enter the Smart City data platform and continue to create a convergence business model" and stressed that "as the data platform is the basis for implementing Smart City element technology and solutions, we will lead the future of cities and infrastructure with Bespin Global’s digital transformation expertise."

Meanwhile, Starlake City is a new city development project independently created by Daewoo Engineering & Construction in the central area of Hanoi, Vietnam. Bespin Global Vietnam and THT Development jointly developed and operated a Smart City Data Integration Management Platform (THT-BESPIN SMART CITY HUB) last year, and recently signed an MOU with Hanoi Electric Power Corporation to introduce a pilot infrastructure applied with AMI in Starlake City.