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Last updated: Monday, October 23, 2017

 

Sumitomo Corp. Builds Third Industrial Park in Vietnam

Posted: Thursday, September 21, 2017

Deputy PM Trinh Dinh Dung at the ground-breaking ceremony. Photo: VGP/Nhat Bac
Deputy PM Trinh Dinh Dung at the ground-breaking ceremony. Photo: VGP/Nhat Bac

Japan’s Sumitomo Corporation Thursday held a ground-breaking ceremony for the construction of a new industrial park in northern Vietnam as it seeks to cash in on robust Japanese investment in the Southeast Asia country.

Covering 213 hectares, the Thang Long Industrial Park III is located in Vinh Phuc province, 44 kilometers north of Hanoi and is the third industrial park developed by Sumitomo Corp. in the country, the Vietnamese government said in a statement. The first phase of the project is scheduled for completion in one and a half year and the entire project by 2024.

When operational, the industrial park is expected to house 79 projects with estimated investment of $1.5 billion, providing 25,000 jobs, the government said. It will prioritize high-tech projects, including those involved in automobile and electronics manufacturing and supporting industries.

Sumitomo Corp. said Thursday the industrial park will provide incoming companies with high-quality support at every step of the way, from administrative procedures including applications for local licenses and approvals, to commencement of operations. It said that the development of infrastructure surrounding the industrial park is progressing, with the opening this month of an access road and bridge to the Lach Huyen International Gateway Port, a key port to be launched in northern Vietnam in 2018.

“On the back of sustainable economic growth and rising population, its number of middle-income earners is expected to continue on an upward trajectory,” Sumitomo said. “In addition, with the launch of the ASEAN Economic Community (AEC) and the conclusion of negotiations with the EU for a free trade agreement (FTA), the country is also deemed to be an excellent hub for export to the world. Japan’s direct investment in Vietnam reached 2.16 billion yen in 2016, ranking third in the world, and more Japanese firms are expected to advance into the country in the coming years.”

The company’s first two industrial park, including Thang Long I in Hanoi and Thang Long II in nearby Hung Yen province with a total development area of approximately 620 hectares, together now host some 173 tenant companies, Sumitomo said.

“Sumitomo Corporation will continue working on its industrial park business in Vietnam to help Japanese manufacturers make forays into the market with the hope of contributing to job creation and economic development in the country,” it said.

Speaking at the ground-breaking ceremony, Vietnam’s Deputy Prime Minister Trinh Dinh Dung urged the industrial park developer and its tenants to strictly obey Vietnam’s regulations on environment protection and to take good care of their employees.

VTK








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