The People’s Committee of Thanh Hoa Province has approved the investment policy for Phase 1 of the Thang Long Thanh Hoa Industrial Park. This is the first of four planned phases, focusing on supporting industries.

Phase 1 spans approximately 167 hectares across Dong Yen and Dong Van communes (Thanh Hoa City) and Dong Tien and Dong Thang communes (Trieu Son District). The total investment for this phase is nearly VND 3,000 billion, with investor equity accounting for 15% (around VND 438 billion).

The project has a 50-year operating term and is scheduled for implementation through December 2027. Once completed, it is expected to attract 50–250 secondary investors to lease land and build factories, creating jobs for about 13,000–40,000 workers.

The investor is Sumitomo Corporation, a diversified Japanese conglomerate established in 1919. Sumitomo has been investing in Vietnam since 1997 and currently operates the Thang Long Industrial Parks I and II in Hanoi and Hung Yen. In mid-2023, the corporation signed a memorandum of understanding to study investment in a 650-hectare industrial park in western Thanh Hoa City, with a total investment of about USD 400 million.

At a working session with the Thanh Hoa People’s Committee on May 5, Sumitomo’s representative stated that the project is expected to break ground after September, once land clearance is completed.

The provincial authorities requested that the investor establish a legal entity to implement the project and ensure timely capital contribution. The group is also required to either place a deposit or provide a bank guarantee to secure the project’s execution.

Thanh Hoa is among the leading provinces in central Vietnam in attracting foreign investment. Last year, the province attracted 105 direct investment projects, including 19 FDI projects, with a total registered capital up 25% year-on-year. By the end of 2023, the province had one economic zone, eight industrial parks covering over 2,000 hectares, and 45 industrial clusters.

(Source: Vnexpress)

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