Business

Sumitomo Group explores 400 million USD investment in IP in Thanh Hoa

Sumitomo Corporation and the People's Committee of north central Thanh Hoa province have signed a memorandum of understanding (MOU) to explore investment opportunities in constructing industrial zones in the west of Thanh Hoa city, along with the establishment of logistics and urban centres.
Sumitomo Group explores 400 million USD investment in IP in Thanh Hoa ảnh 1The signing ceremony between Sumitomo Corporation and Thanh Hoa People's Committee. (Photo: thanhoa.gov.vn)
Thanh Hoa (VNS/VNA) - Sumitomo Corporation and the People'sCommittee of north central Thanh Hoa province have signed a memorandum ofunderstanding (MOU) to explore investment opportunities in constructingindustrial zones in the west of Thanh Hoa city, along with the establishment oflogistics and urban centres.

The key investment project aims to create a top-notch industrialpark that will attract investors with modern technology whilecreating numerous job opportunities and contributing to the province’ssocio-economic development.

The project is scheduled to be implemented in the 2024-2025period, with a total capital outlay of approximately 300-400 million USD.

The industrial park project will cover an estimated area of 650hectares, while the logistics and urban centre surrounding it will occupyapproximately 168.5 hectares. 

As per the Thanh Hoa provincial 2021-2030 planning project, with avision to 2045, approved by the Prime Minister in February this year, theindustrial zone in the west of Thanh Hoa city will cover a total of 1,200hectares. It will be located 11 km west of the city's centre withconvenient access to the North-South expressway intersections and Tho XuanInternational Airport.

This industrial-urban-service zone will prioritise cleantechnologies, high-tech applications and urban services, supported by acomprehensive social and technical infrastructure. Japanese businesses,including the Sumitomo Group, are renowned for their expertise in theseareas. 

During the meeting, Thanh Hoa province's leaders recommended that theSumitomo Corporation focusses its energies on conducting research andinitiating investments to kickstart the project.

This venture represents the Sumitomo Corporation's fifthindustrial park investment in Vietnam.

Currently, Japanese investors lead foreign investments in Thanh Hoaprovince with direct investment capital exceeding 6.6 billion USD, representingalmost 46% of the total FDI in the region./.
VNA
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