HCMC – Local real estate developer Kim Oanh Group and Japan’s Sumitomo Forestry Group recently signed a cooperation agreement on launching large-scale real estate projects.

The partnership will lead to the establishment of KS Sustainable Development JSC, a joint venture between the two companies.

As planned, KS Sustainable Development will be in charge of a realty development project in the southern province of Ba Ria-Vung Tau.

The project, including 118 townhouses and shophouses in Vung Tau City, is expected to be rolled out at the end of this year.

The two firms also plan to enhance cooperation in industrial real estate, resorts and construction.

Sumitomo Forestry is a leading corporation in Japan. The firm is active in building materials, real estate and construction services.

The partnership is part of the Kim Oanh Group’s efforts to expand to international markets, said Dang Thi Kim Oanh, chairwoman of the local company.

The firm has got involved in up to 50 projects in southern Vietnam.