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.

The industrial park, named Thang Long 3, covers nearly 300 hectares in Binh Xuyen district and has an initially investment of 135 million USD.

When operational, it is set to attract over 80 Japanese businesses manufacturing automobile and motorcycle components, high-tech and other products for support industries, providing 40,000 jobs for local residents.

Chairman of the Vinh Phuc People’s Committee Phung Quang Hung said Sumitomo’s construction will create a prerequisite for the sustainable development and a breakthrough for local industrial activities.

The Japanese corporation have also invested in the industrial parks of Thang Long 1 in Hanoi and Thang Long 2 in nearby Hung Yen province.-VNA