Quang Nam People’s Committee in Vietnam’s central region has just responded to a proposal from Panko E&D Co., Ltd. about the latter’s intention to implement a string of projects in the province.
|Tam Thang Industrial Zone in Quang Nam province is home to the $70-million Panko Tam Thang textile clothing plant |
Earlier, Panko E&D – a member of Panko Corporation, a global clothing manufacturer based in South Korea – voiced the proposal to invest in building the South Thang Binh Industrial Zone (STBP), and a smart urban, resort, and golf course complex in the province’s Tam Ky city.
Le Tri Thanh, Chairman of Quang Nam People's Committee, said that the province has welcomed and created favourable conditions to facilitate capable and experienced investors with intention to implement large-scale projects in the province’s southeast which meet high-quality and technical standards.
In respect to the STBP investment proposal, Thanh said that the province welcomes the orientation on building an ecological IP below 500 hectares in total area that is not divided into subzones. Priority shall be given to attracting projects on clean manufacturing, tech-affine and capital intensive projects, while minimising projects facing threat of causing environmental pollution.
|In 2015, Panko Corporation was licensed to build the Panko Tam Thang textile clothing plant valued at $70 million at Tam Thang IZ in Quang Nam province |
Quang Nam People’s Committee then asked Panko E&D to contact the province’s Economic Zones Management Authority to get further guidance, which works with potential investors operating in areas that meet the province’s policy on priority investment attraction at the IZ.
Panko E&D also needs to submit necessary records after the Authority engages in making procedures on investor selection after getting an approval from the prime minister for the STBP investment.
As for the smart urban, resort, and golf course complex project, Quang Nam asked the South Korean investor to work with Quang Nam Economic Zones Management Authority to study and propose the idea, investment mode, and functional zones to fit the approved construction planning. The People’s Committee shall then report to the prime minister to seek approval. The next step will be holding investor selections, attuned with current regulations.
In 2015, Panko Corporation was licensed to build the Panko Tam Thang textile clothing plant valued at $70 million at Tam Thang IZ in Quang Nam province.
The facility, covering 33.5ha, can produce 99,000 tonnes of textile items, plus 24,000 tonnes of dyeing products and 30 million tonnes of accessories per year, generating jobs for about 15,000 labourers.
On June 30, State President Nguyen Xuan Phuc had an online working session with Choi Young Joo, Chairman of the Korea Vietnam Friendship Association and Panko Corporation. At the session, Choi Young Joo said that Korean businesses, including Panko Corporation, have raised $1 million to contribute to the Vietnamese government’s fight against the pandemic.
Choi said that Panko Corporation and many other South Korean investors are keen to invest in IZ development, resorts, smart cities, and trade centres in Vietnam, and expect to have active support from the government and relevant bodies.
South Korea is currently Vietnam’s largest foreign investor, with 9,200 committed projects worth around $72 billion. The mutual trade value between the two countries also witnesses robust growth and surpassed $66 billion last year.