Japan’s Sumitomo to build $400 mln industrial park in Thanh Hoa province

Sumitomo Corporation, a Japanese multi-sector business, plans to invest $400 million in developing a 650-hectare industrial park in the central province of Thanh Hoa.

Sumitomo and Thanh Hoa authorities signed a memorandum of understanding for the project on Wednesday. The firm plans to deploy the project in 2024-2025. The Japanese giant will also research the prospect of building a logistics center and an urban area surrounding the future industrial park, covering 168.5 hectares.

Thanh Hoa Vice Chairman Nguyen Van Thi said Japan is the biggest foreign investor in the central province with $6.6 billion so far, or 45.7% of all registered foreign direct investment there. He asked relevant agencies to support the project's implementation.

Japan's major investment projects in Thanh Hoa include the $9 billion Nghi Son refinery co-owned by Petrovietnam, Kuwait Petroleum Europe B.V. (KPE), and Japan’s Mitsui Chemical and Idemitsu Kosan Co.; $2.73 billion Nghi Son 2 thermal power plant; $622 million Nghi Son cement factory.

Thi emphasized his province’s advantages, including an expressway connecting Hanoi, the Nghi Son deep-water seaport that is capable of accommodating international container vessels, and plans to convert Tho Xuan airport into an international hub.

Takashi Yanai, a representative of Sumitomo, said the project would attract Japanese investors with modern technologies.

On Tuesday, the Sumitomo delegation visited the northern province of Hung Yen to check on the phase 3 expansion of Thang Long II Industrial Park. Around 60 hectares of the planned 180-hectare expansion has so far been completed and attracted six Japanese investors with registered capital totaling $500 million.

Takashi said Sumitomo planned to conduct another expansion after phase 3 and called on the province for support.

So far, Thang Long II Industrial Park has attracted 104 foreign investments with total registered capital of $3.27 billion, including Japanese giants Kyocera, Hoya, Nippon, Daikin, Toto, and Panasonic.

In Vietnam, Sumitomo is involved in various projects in different sectors, such as Thang Long Industrial Park in Hanoi; Thang Long II Industrial Park in Hung Yen province; Ho Chi Minh City’s urban railway No.1 project (Ben Thanh-Suoi Tien); the Pha Lai, Duyen Hai 3, Phu My 2-2 and Van Phong 1 thermal power plants; auto parts in Hai Duong province; and supermarket cooperation with Vietnamese firm BRG.