Shinec and partners take on $83 million project in Vinh Phuc

The project has a scale of 111.3 hectares, with an operating period to last until 2072.

According to the progress commitments made in the investment certificate, construction will take place from the second quarter of 2025 to the start of 2027, and will be put into operation in mid-2027.

Pham Hong Diep, chairman of Shinec (middle) receives the investment certificate

It is one of five large projects given the go-ahead in Vinh Phuc province at a conference to announce the province’s planning towards 2030, with a vision to 2050, in the presence of Deputy Prime Minister Tran Hong Ha.

By 2030, Vinh Phuc is expected to have in place five new industrial parks (IPs), bringing the total number in the province to 24, and covering 7,000ha.

According to Vinh Phuc leaders, Phuc Yen IP will focus on investments with a synchronous and modern technical infrastructure system. The IP aims to entice industrial production projects of mechanical engineering, precision mechanics, medical machinery and equipment, and electrical equipment, powered by cutting-edge technology with lowered impacts on the environment.

Phuc Yen IP is one of the first projects granted approval in Vinh Phuc this year

Phuc Yen IP by Shinec and its partners aims to become a lucrative destination, attracting vibrant and quality investment, and promising to make significant contributions to local socioeconomic development.

The IP will feature advantages in terms of location, being just 35km south of Hanoi city centre, 7.5km east of Noi Bai International Airport, located near Phuc Yen railway station, and 150km from Haiphong and Cai Lan ports along National Highway No.18. The north of the park is also adjacent to Noi Bai-Lao Cai Expressway.

Phuc Yen IP is located on both the Hanoi-Lao Cai-Kunming economic corridor and on the hub of main traffic routes connecting the Gulf of Tonkin economic belt.

"With experience in developing Nam Cau Kien Eco-IP in Haiphong, Shinec and its partners are committed to building and operating Phuc Yen IP professionally, attracting quality investors with high investment efficiency as directed by the deputy prime minister,” said Pham Hong Diep, chairman of Shinec.

Overall perspective of Phuc Yen IP in an ecological direction

DPM Ha said, “Vinh Phuc must expedite digital transformation, green transformation, and build green infrastructure. Quality human resources must be developed to facilitate this transformation. To do this, the province must attract green and digital transformation projects, and those using high and clean technology, following specific investment attraction criteria.”

Phuc Yen city has been identified as the southeast growth pole associated with industry and services, and thus the IP infrastructure project has very strict standards and criteria on construction and environmental protection as well as investment attraction, which Shinec and its partner have satisfied, provincial leaders said.

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