Business

Hung Yen collaborates with Japanese firm in expanding industrial park

The northern province of Hung Yen will cooperate with Japan's Sumitomo Corporation in the implementation of the third phase of Thang Long Industrial Park II expansion project under a memorandum of understanding exchanged on November 25 within the framework of the official visit to Japan by Prime Minister Pham Minh Chinh.
Hung Yen collaborates with Japanese firm in expanding industrial park ảnh 1At Thang Long Industrial Park II (Photo: baodautu.vn)

Tokyo (VNA) – The northern province of Hung Yen will cooperate with Japan's SumitomoCorporation in the implementation of the third phase of Thang Long IndustrialPark II expansion project under a memorandum of understanding exchanged onNovember 25 within the framework of the official visit to Japan by PrimeMinister Pham Minh Chinh.

Thang Long II Industrial Parkhas a favourable geographical position as it is only about 30km from Hanoi, 70kmfrom Hai Phong port and about 110km from Quang Ninh deep water port.

In 2005, Hung Yen provinceallowed Sumitomo corporation and Thang Long Industrial Park Co. Ltd. to developThang Long II Industrial Park project on an area of 219.6 hectares. After that,the two parties agreed to establish Thang Long II Industrial Park Co. Ltd - theinvestor – which will operate the project.

The industrial park has so far attracted 105 foreign-invested projects with atotal registered capital of nearly 2.95 billion USD. The occupancy rate of theIP is about 95.4 percent, of which 100 projects have been put into operation, witha total investment capital of about 2.4. billion USD, creating jobs for about25,000 workers and contributing about 900 billion VND (45 million USD) to the Statebudget last year.

Last December, the Prime Minister agreed to expand Thang Long II IndustrialPark - the third phase - with an additional area of 180.5 hectares to receive more investors.

Hung Yen collaborates with Japanese firm in expanding industrial park ảnh 2Chairman of Hung Yen provincial People's Committee Tran Quoc Van (middle) exchanges MoU on the project with Sumitomo's representative (Photo: VNA)


Proceduresrelating to investment policy and planning for the expansion project areunderway.

According to the Hung Yenprovincial People’s Committee, once Thang Long II Industrial Park and otherprojects in the industrial park come into operation, they will create a drivingforce in attracting investment and industrial development of the province whilepromoting the growth of service and supporting industries at the same time. Inaddition, this project will create more jobs for local workers and contributeto State budget revenue./.

VNA
#northern province of Hung Yen #Vietnamplus #Vietnam News Agency #Thang Long II Industrial Park #Sumitomo Corporation #investment policy Hung Yen Japan
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