The investment licence granting ceremony (Source: VNA)
The northern province of Vinh Phuc on October 22 granted an investment licence to Japan’s Sumitomo Group to build Thang Long III Industrial Park.
Covering more than 213 hectares on the site of the former Binh Xuyen II Industrial Park in Thien Ke and Tam Hop communes in Binh Xuyen district, the project has two phases, with the first costing 1.53 trillion VND (67 million USD).
The 1.5 billion USD project is expected to help lure 79 smaller projects and create a breakthrough for the local industry, which is mainly driven by the auto and motorcycle sectors.
The project should bring in environmentally friendly, high-tech businesses from the support industry and spare part manufacturing.
Once the project’s technical infrastructure and services are operational in late 2024, the park will generate about 25,000 jobs and contribute additional millions of dong to the State budget.
Thang Long III Industrial Parks the tenth among the 19 prioritised industrial parks ratified by the Prime Minister in Vinh Phuc province.
Earlier, Sumitomo Group built Thang Long I and II Industrial Parks in Hanoi and the northern province of Hung Yen.-VNA
Prime Minister Nguyen Tan Dung chaired a discussion with representatives from 15Japanese groups in Tokyo on July 3, reiterating Vietnam’s commitment to providing optimal conditions for foreign direct investments, including those from Japan.
Japan’s Sumitomo Corporation will build an industrial park in northern Vinh Phuc province, as said in a memorandum of understanding it signed with the provincial People’s Committee on May 29.
Japan’s two leading property companies, the Daiwa House Group and Nomura Group, have revealed their intention to join hands with Sumitomo Forestry Co., Ltd to invest in Vietnam’s market.
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Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam Cycle Expo 2025 will coincide with the Vietnam Sport Show 2025, an international exhibition on sports and outdoor entertainment, expected to attract more than 20,000 visitors in the three-day event.
The investment licence granting ceremony (Source: VNA)
