HCMC – The northern province of Hung Yen has inked a deal with Japan’s Sumitomo Corporation to implement the third phase of the Thang Long II Industrial Park expansion project.
Tran Quoc Van, chairman of the provincial government, and Sumitomo Corporation’s representative exchanged a memorandum of understanding on the expansion project yesterday, November 25, in Japan, as part of Prime Minister Pham Minh Chinh’s official visit to Japan from November 22 to 25.
Located in the northern part of Hung Yen, the Thang Long II Industrial Park’s location is favorable for trading activities as it is some 30 kilometers from the capital city of Hanoi, around 70 kilometers from Haiphong port and some 110 kilometers from the Quang Ninh deep-water port.
In 2005, Hung Yen allowed Sumitomo Corporation and Thang Long Industrial Park Company to study the development of the Thang Long II Industrial Park project covering an area of 219.6 hectares. The two parties then decided to set up the Thang Long II Industrial Park Company as the investor to manage and operate the project.
Up to now, the industrial park has attracted 105 foreign invested projects with total pledged capital of nearly US$2.95 billion. The total area of industrial land being leased has reached 247 hectares, equivalent to the occupancy rate of the park at over 95%. Of these, 100 projects have been put into operation, with a total investment of around US$2.4 billion, creating jobs for approximately 25,000 workers and contributing some VND900 billion to the State budget in 2020.
To receive more investors, the prime minister last year had given the green light to the industrial park expansion project’s third phase, with an additional area of 180.5 hectares.
According to the provincial government, once the Thang Long II Industrial Park and projects in the industrial park are put into service, they are expected to create a driving force in attracting investment and industrial development to the province. They will also bolster the development of the service and supporting industries.