$1.6 billion Amata City Halong comes closer to implementation

Establishing the joint venture shows Amata’s determination to implement the project after three years of conducting surveys and studies. Amata will hold a 70 per cent stake in the joint venture with the remaining 30 per cent owned by Tuan Chau.

Amata Vietnam and Tuan Chau will soon complete the procedures for an investment certificate.

According to the initial plans, the 5,800 hectare complex will featur a high-tech industrial park, an accommodation area, and a multifunctional area including a hospital, schools, exhibition area, a shopping centre, and an amusement park.The park will house enterprises from the automation, biotechnology, IT, and other technology sectors, especially electronics.

Amata Vietnam CEO Somhatai Panichewa said the park would solicit investment into research and development facilities, logistics, and exhibition centres as well as scientific laboratories.

The investor expects that the park will generate a revenue of $5 billion a year and create 300,000 jobs.

Along with Amata City Halong, the Thai real estate developer also planned to invest $634 million in Amata City Long Thanh in the southern province of Dong Nai.

The project includes three components. The first is a 410-hectare high-tech industrial park with the total investment capital of $282 million. Construction is expected to kick off this year and in 2017 it will start to solicit projects in the high-tech, automated, and environmentally friendly sectors.

The other two components are a 753-hectare township and a 123-hectare service city. Amata City Long Thanh will transform the area into a modern industrial city and contribute to the region's socio-economic development.

Amata Vietnam was established in December 1994 as a joint venture of Amata Corp. PCL and Vietnamese Sonadezi Bien Hoa, a state-owned industrial estate developer in Dong Nai. To date, they have completed Bien Hoa 1, Bien Hoa 2, and Go Dau IZs.