Hung Yen province approves two new projects worth $93 mln

The northern province of Hung Yen granted investment certificates to projects worth VND2,300 billion ($93 million) Friday, one of them involving a foreign investor.

Titan Corporation Limited, under Singapore-based Frasers Property, will invest VND1,800 billion ($72.54 million) in building 169,200 square meters of warehouses, factories and supporting facilities for lease at the Yen My Industrial Park in the eponymous district.

AIG Asia Ingredients Corporation, a subsidiary of the Ho Chi Minh City-headquartered Asia Group, will invest VND500 billion ($20.15 million) in building a factory and warehouse for food materials, including vegetarian protein, spices, mixed cereal, noodle ingredients and food additives.

The AIG Asia facilities with production and storage capacities of 1,200 tons and 50,000 tons, respectively, will cover 39,700 square meters at the Yen My Industrial Park.

Asia Group is known as a supplier for major food brands in Vietnam, including Vinamilk, Nestle, and Nutifood. It has received investments from various funds, including Mekong Enterprise Fund II in 2011, PENM Partner Capital in 2014, and NewQuest Capital Partners in 2018.

Hung Yen, neighboring Hanoi, is 45 minutes away from the Noi Bai international airport in Hanoi and 60 minutes away from the Haiphong seaport.

Industrial parks in the province attracted $555 million in registered investment capital in the first 10 months of this year, exceeding the whole year’s target by 23%, according to the provincial industrial park authority.