After conducting extensive research on Vinh Phuc’s investment environment, Sumitomo Corporation of Japan decided in 2015 to invest over US$135 million in the development of infrastructure at the 213-ha Thang Long Vinh Phuc Industrial Park, located in Thien Ke and Tam Hop communes of Binh Xuyen district, Vinh Phuc province. Today, Thang Long Vinh Phuc stands as a benchmark for infrastructure quality, environmental sustainability, cultural excellence, and innovative investment attraction within the province.
Projects in Thang Long Vinh Phuc Industrial Park are designed with a focus on environmental sustainability and utilize cutting-edge technology
The corporation started construction on September 21, 2017 and completed the first phase on November 8, 2018. After a short period of time, Thang Long Vinh Phuc IP attracted 11 investors with US$200 million of registered investment capital from Japan. This was very significant because Sumitomo had more than 10 customers in a short time for the first time. At present, the industrial park is housing 47 investors with total registered investment capital of more than US$1.076 billion, of which 29 tenants have come into operation. The occupancy rate is over 92% of rentable industrial land, a quite high rate in Vinh Phuc province. Once fully developed, the park is anticipated to attract approximately 70 projects, predominantly from Japanese investors, and create around 10,000 jobs for the local workforce.
When engaging with secondary investors, Thang Long Vinh Phuc Industrial Park Co., Ltd ensures the presence of Japanese coordinators who assist throughout the entire process from feasibility studies and initial surveys to corporate establishment and operational phases. The company facilitates monthly customer meetings and collaborates with the Japanese investment promotion and support department in Vinh Phuc. As a result, despite the significant challenges posed by the COVID-19 pandemic, projects in Thang Long Vinh Phuc Industrial Park maintained their investment schedules and commenced operations as planned, thereby making a positive contribution to local development.
In addition, Thang Long Vinh Phuc Industrial Park Co., Ltd and secondary investors always carry out good social activities to build an image of an industrial park that is not only a place to find job opportunities but also a pioneer in building and improving the living standards of local people. In 2020, with the permission of the local government, Sumitomo Corporation and Thang Long Vinh Phuc Industrial Park Co., Ltd conducted research on development of a new 465-ha industrial park in Binh Xuyen and Yen Lac districts. After the Vinh Phuc Provincial Planning for the 2021-2030 period, with a vision to 2050, was approved by the Prime Minister in March 2024, the company expected to continue implementing the project to foster local industrialization and modernization.
With an extremely favorable location, just 5km from Noi Bai-Lao Cai Expressway, 20km from Noi Bai International Airport, 45km from the center of Hanoi City, 160km from Cai Lan deepwater port (Quang Ninh) plus a synchronous, well-prepared and well-planned investment by a giant international corporation, Thang Long Vinh Phuc Industrial Park is strongly attractive to domestic and foreign investors, especially those from Japan.
By Quynh Ngoc, Vietnam Business Forum
Vietnamese
October 2024
Hanoi