The two companies have signed a joint venture agreement with Si Cat Real Estate Co to carry out the project, which is still subject to government approval, the report said.
The complex, located in the city's Thanh Da-Binh Quoi area, will include a 90-storey twin tower, a world-class gaming centre, golf courses and a marina for private yachts.
Vietnamese President Nguyen Minh Triet said in the report the government supported the project but wanted the venture to pay attention to land clearance issues.
The project signals a further foray into the country's fast-growing property market by South Korean developers.
South Korean developers, such as Kumho Asiana and Keang Nam Enterprises, are entering Vietnam's property market to cash in on soaring demand for quality office and residential space.
Dealers said Korean companies were chasing property projects worth a total of $4 billion, including a $2.5 billion investment by Kumho Asiana in Hanoi in what would be the country's biggest convention centre.
Keang Nam last month began work on Keangnam Hanoi Landmark, Vietnam's tallest building, expected to cost $1.05 billion.
The city government of South Korea's capital, Seoul, is also advising on a $7 billion project to develop prime land along the banks of the Red River that sweeps through the centre of Vietnam's capital, in the country's largest property development so far.
Korean developers have expressed keen interest in investing in the projects, dealers said.
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