BizLIVE - Authorities of Vietnam’s northern province of Vinh Phuc have licensed Japan’s Sumitomo Corporation to build an industrial park worth $135 million.
Japan’s Sumitomo to Build $135 Million IP in Vinh Phuc Province
A view of Thang Long Industrial Park. (Photo: Internet)
The industrial park will cover an area of 213 hectares and consist of two phases. The Japanese firm will pour 1.53 trillion dong ($68 million) into the first phase that will cover an area of 94.5 hectares.
The technical infrastructure and the waste water treatment zone are scheduled for completion in 18 months’ time. The whole industrial part is set to be finished by December 2024.
Once in place, the industrial park is about to attract 79 Japanese businesses involved in automobile and motorcycle components, high-tech and other products for support industries, employing 25,000 local laborers, according to the government's website.
The project is the third Thang Long Industrial Park built by Sumitomo, with the others located in Hanoi and the northern province of Hung Yen.