Sumitomo Corporation is strengthening its commitment to Thang Long II Industrial Park (IP) in the northern province Hung Yen, with six Japanese companies investing $500 million in the park's third phase expansion.
Sumitomo Corporation, a Japanese conglomerate, held a productive meeting with Tran Quoc Van, Chairman of Hung Yen People's Committee, on June 27.
The meeting focused on the expansion of the Thang Long II IP and the support provided by the province to Japanese businesses operating within it.
Sumitomo Corporation expressed its appreciation to Hung Yen for improving the conditions for Japanese enterprises in the IP.
The corporation is engaged in the third phase expansion of the park, with the province's constructive assistance during the project implementation. Currently, six Japanese companies have invested approximately $500 million in the expanded area for the third phase, and Sumitomo Corporation plans to continue investing into the fourth phase.
During the meeting, Van acknowledged the province's efforts in expediting the land clearance process for the expanded area of Thang Long II IP.
Although substantial progress has been made, a portion of the land still requires clearance. To address this, Van requested Sumitomo Corporation to collaborate with relevant provincial departments and agencies.
Additionally, a detailed plan for the fourth phase expansion should be formulated, and necessary procedures should be promptly implemented.
Thang Long II IP has leased 268 hectares of industrial land, with an occupancy rate of 66.8 per cent. It primarily attracts investments in electronic and precision mechanical manufacturing, transportation machinery, rubber products for the automotive industry, lighting, industrial gas, pharmaceuticals, vaccines, biotechnology products, and optical glass production. The park encourages the development of high-tech industries and packaging material production.
The IP currently hosts 104 foreign-invested projects with a total registered capital of approximately $3.3 billion. Japanese investors dominate the foreign investment landscape, with prominent economic groups such as Kyocera, Hoya, Nippon, Daikin, Toto, and Panasonic leading the way.
Sumitomo Corporation's increased investment in Thang Long II IP demonstrates the confidence and trust of Japanese investors in the province's potential and investment environment.
With ongoing support from the local authorities, the IP is poised to attract more foreign investment, contributing significantly to Hung Yen province's economic growth and industrial development.
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