$197 mln Hai Phong industrial park gets the okay
Hai Phong authorities on Wednesday licensed the VND4,597 billion ($197 million) Tien Thanh Industrial Park project in the port city’s Tien Lang district.
An aerial view of Tien Thanh Industrial Park in Tien Lang district, Hai Phong city, northern Vietnam. Photo courtesy of the park.
The 410-hectare Tien Thanh IP, spanning two communes of Tien Thanh and Cap Tien, is one of five major industrial parks recently approved in principle by the government as demand for industrial real estate surges.
The project, invested by Tien Thanh Investment Industrial Zone JSC, is one of Hai Phong’s key projects scheduled to commence this year.
The IP, located close to the route connecting District Road 25 to National Highway 10, will create a cluster of linkages for local industrial growth by linking Tien Lang Industrial Cluster, Giang Bien Industrial Cluster, and Giang Bien II Industrial Park.
Once complete, it is expected to generate over 30,000 jobs, promoting socio-economic development of the locality and surrounding areas.
Also on Wednesday, another three projects were awarded investment certificates.
Chinese-backed HMT New Materials Technology Co., Ltd will invest in a $75-million factory producing components for automotive passive safety systems. The project, covering 54,136 square meters in An Duong IP, An Duong district, is set to come into operation in the first quarter of 2025.
The city also agreed for Singapore investor ESR V Investor 4 Pte. Ltd to invest $33 million in the Nam Dinh Vu CN3-03 project with scale of 120,000 square meters in the Non-Tariff Zone and Nam Dinh Vu IP (Zone 1), Hai An district. The project is scheduled to operate in the fourth quarter of 2024.
The GNP Nam Dinh Vu Industrial Center of Classic Leaf Vietnam Co., Ltd will be located in the Non-Tariff Zone and Nam Dinh Vu IP (Zone 1). The $38.5-million project aims to lease factories, warehouses and other ancillary facilities. With a scale of 170,000 square meters, it is expected to become operational in the second quarter of 2023.
In addition, PhiHong Vietnam Co., Ltd in An Duong IP and Shin-Etsu Vietnam Magnetic Materials Co., Ltd in DEEP C Hai Phong I Industrial Zone will have their investment capital expanded.
PhiHong will add $50 million to their electrical and electronic equipment production project, while the Japanese-backed Shin-Etsu will supplement $35 million to its 20.74-hectare rare earth magnet manufacturing plant, bringing the total to $100 million and $442 million, respectively.
In the first half of 2022, Hai Phong has attracted 21 new FDI projects and seen 18 others expand investment capital, totaling $755.75 million, equating to 56.2% over the same period last year, according to Pham Huu Quang Huy, director of the city Department of Planning and Investment.
- Related News
- Read More
Gasoline retailer PVOIL posts $11.8 mln pre-tax profit in Q1
PVOIL, a subsidiary of state-run giant Petrovietnam, recorded a consolidated pre-tax profit of VND300 billion ($11.83 million) in the first quarter of 2024, up 5% year-on-year, said its leadership.
Companies - Fri, April 26, 2024 | 7:59 am GMT+7
US's human rights report has 'inaccurate information about Vietnam situation'
Vietnam on Thursday said it has ‘regrets’ over the recent annual human rights report released by the U.S. Department of State.
Society - Thu, April 25, 2024 | 10:05 pm GMT+7
Schools in Philippines go online amid extreme heat
Record heat in the Philippines in April has forced schools to send children home for online classes.
Southeast Asia - Thu, April 25, 2024 | 9:59 pm GMT+7
Marubeni seeks cooperation in sustainable aviation fuel, offshore wind power in Vietnam
Marubeni Asian Power Singapore Pte Ltd., a wholly-owned subsidiary of Japanese multi-sector giant Marubeni, is seeking to cooperate with Vietnamese businesses in sustainable aviation fuel and renewable energy, particular offshore wind power.
Energy - Thu, April 25, 2024 | 8:53 pm GMT+7
Vietnamese billionaire reaffirms steadfast commitment to EV maker VinFast
Vietnam’s richest man, billionaire Pham Nhat Vuong, says he personally and the conglomerate that he chairs, Vingroup, will continue financing VinFast despite heavy losses incurred by the EV-maker since 2017.
Companies - Thu, April 25, 2024 | 5:32 pm GMT+7
Malaysia tackles food security challenges
Empowering local communities in the agriculture sector to attract young people to this field is one of the measures taken by Malaysia to address labour shortage while also contributing to tackling challenges in food security.
Southeast Asia - Thu, April 25, 2024 | 5:10 pm GMT+7
UK supports ASEAN’s economic integration
The UK delegation to ASEAN held a seminar in Jakarta, Indonesia on Wednesday to discuss the ASEAN-UK economic integration programme.
Southeast Asia - Thu, April 25, 2024 | 5:09 pm GMT+7
Vietnam considers direct power purchase agreements with no restrictions on capacity, usage
A draft decree on direct power purchase agreements (DPPAs) between producers and large consumers via their own power lines has no caps on capacity, connection voltage level and intended usage.
Energy - Thu, April 25, 2024 | 5:07 pm GMT+7
Indonesian central bank raises interest rates to highest level in 7 years
Bank Indonesia (BI) on Wednesday raised interest rates to their highest level in seven years.
Southeast Asia - Thu, April 25, 2024 | 4:58 pm GMT+7
Bosch Vietnam, RMIT University to foster tech-driven workforce development
Engineering firm Bosch Vietnam will collaborate with Royal Melbourne Institute of Technology Vietnam (RMIT Vietnam) to provide students with skills and knowledge to meet changing demands in a “technology-driven landscape.”
Companies - Thu, April 25, 2024 | 4:27 pm GMT+7
Northern Vietnam port city okays $368 mln investment by South Korean firms
The northern port city of Hai Phong granted investment certificates Wednesday to eight Korean-invested projects worth around $368 mln at a forum held in Seoul.
Industries - Thu, April 25, 2024 | 4:03 pm GMT+7
AI giant Nvidia explores Vietnam investment expansion opportunities
U.S. chip and artificial intelligence giant Nvidia says it will consider expanding investment in Vietnam after a high-ranking delegation ends a fact-finding trip to the country.
Industries - Thu, April 25, 2024 | 3:13 pm GMT+7
Construction giant Vinaconex plans rights issue, capital base hike in 2024
Vinaconex, among Vietnam’s top construction companies, plans to issue nearly 120 million shares to existing shareholders at VND10,500 ($0.41) apiece this year.
Companies - Thu, April 25, 2024 | 3:03 pm GMT+7
Former Tan Hiep Phat Company director sentenced to 8 years in prison
Tran Qui Thanh, former director of Tan Hiep Phat Trading Service Company Limited, was sentenced to eight years behind bars for “abusing trust to appropriate property”.
Society - Thu, April 25, 2024 | 2:05 pm GMT+7
Vietnam sets aside $1 bln to train semiconductor workforce
Vietnam will spend VND26 trillion ($1.02 billion) by 2030 to develop a well-prepared workforce for the semiconductor industry as the country attempts to seize a “once-in-a-thousand-year” opportunity.
Economy - Thu, April 25, 2024 | 12:16 pm GMT+7
Vietnam’s central province okays S Korea’s SK E&S to process LNG-to-power project
The central coastal province of Quang Tri, SK E&S under South Korean chaebol SK, and Vietnamese conglomerate T&T Group have agreed to cooperate in investment, trade, energy transition, and green growth.
Energy - Thu, April 25, 2024 | 10:31 am GMT+7
