Sumitomo Corporation Invests More IP in Vinh Phuc

Sumitomo Corporation is a world-leading industrial zone infrastructure developer. Currently the group has 135 offices in 66 countries and 74,638 employees around the world. In Vietnam, Sumitomo Corporation has two industrial parks, Thang Long Industrial Park I in Hanoi City and Thang Long Industrial Park II in Hung Yen province (the first phase of Thang Long Industrial Park II has so far attracted 45 foreign investment projects with a total registered capital of US$1.5 billion, which employ 12,000 workers). To continue the success of these two industrial zones, Sumitomo Corporation decided to invest in the third facility in Vietnam.

 

After more than 30 months of very careful research, study, investigation, assessment and examination into every factor, conditions and society in 20 locations in 10 provinces, including Vinh Phuc, Sumitomo Corporation decided to cooperate with Sumitomo Vietnam Co. Ltd to invest and build infrastructure in Thang Long Vinh Phuc Industrial Park in Thien Ke and Tam Hop communes, Binh Xuyen district. The ​​213-ha industrial park, which costs about US$135 million for development, has an operational life span of 50 years. Environment-friendly businesses and fields are targeted by Thang Long Vinh Phuc Industrial Park. Thus, it will focus on projects engaged in engine manufacturing; supporting industries; automobile and motorcycle parts manufacturing; research and development (R&D); electronic pats and semiconductor manufacturing; high-tech product manufacturing; computer, hardware and software production; pharmaceutical production; precision engineering; biotech products manufacturing, household electrical appliance production; transportation equipment and others. Once completed, the industrial park is expected to house 79 projects with a registered capital of US$1.5 billion and generate 25,000 jobs. Annual budget revenue is estimated at VND5,000 billion. Soon after being granted investment registration certificate, the group will embark on the first phase, covering 94.5 ha and costing US$70.1 million. The construction is scheduled to take 18 months.

 

Ms Hoang Thi Thuy Lan, Chairwoman of the Provincial People's Council, said, with its efforts to have right development orientations, improve the investment and business climate, and enhance its competitiveness, Vinh Phuc has become a trusted destination for investors. The province has so far attracted 202 FDI projects with a combined registered capital of over US$3.25 billion, of which Japan has 26 projects with nearly US$800 million, becoming the largest investor among 15 countries and territories with investment projects in Vinh Phuc. She also appreciated Japanese projects for their efficiency, technology, environmental friendliness, social responsibility and great contribution to the provincial budget. She stressed that the investment of Thang Long Vinh Phuc Industrial Park is the result of thorough research and high determination of Sumitomo Corporation. Thus, she hoped that Thang Long Vinh Phuc will become an exemplary industrial park of the province and that the project will keep up with its schedule to provide more spaces for new Japanese investors. Mr Akito Shiraishi, General Manager of Overseas Industrial Park Department of Sumitomo Corporation, promised to attempt to operate and develop the industrial park successfully.

 

Earlier, at a courtesy meeting with Mr Akito Shiraishi, Chairman of Vinh Phuc Provincial People’s Committee Nguyen Van Tri affirmed that the investment in the province by Sumitomo Corporation evidences the province's huge success in attracting and contacting world-class investors. He told provincial and local authorities to provide guidance and assistance for the investor to complete business establishment, construction and environmental protection procedures.