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.
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.