Japanese group expands operation in Vinh Phuc hinh anh 1The 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