The VND2,000 billion ($80.9 million) Phuc Yen Industrial Park project in Vietnam's northern province of Vinh Phuc received an investment certificate on Wednesday.
Shinec JSC and Vinh Phuc International Service and Industrial Park JSC are the investors of the 111.3-hectare project, which will operate for 50 years (until 2072) in Phuc Yen town.
Infrastructure construction is set to be completed between Q2/2025 and Q1/2027, with the project going into operation in Q2/2027.
This was one of the five largest projects to be awarded investment certificates by Vinh Phuc authorities during a conference held to unveil provincial planning for the 2021-2030, with a vision until 2050, attended by Deputy Prime Minister Tran Hong Ha.
The province is expected to create five new industrial parks (IPs) by 2030, boosting the total number to 24, with a 7,000-hectare land fund.
According to Vinh Phuc officials, Phuc Yen Industrial Park will have concentrated investment and synchronized and modern technical infrastructure. The IP aims to attract projects in the fields of mechanical engineering, precision mechanics, medical machinery and equipment, and electrical equipment that use modern, sophisticated technology and are low in pollution and environmental contamination.
As one of five new IPs planned for development in Vinh Phuc province by 2030, Shinec and its partner expect Phuc Yen Industrial Park to attract vibrant and quality investment, with the potential to make significant contributions to Vinh Phuc's socioeconomic development.
The IP has several advantages in terms of location, as it is approximately 35 kilometers south of Hanoi's city center, 7.5 kilometers east of Noi Bai Airport, close to Phuc Yen station which serves the Hanoi-Lao Cai railway route, and 150 km from both Hai Phong Port (Hai Phong city) and Cai Lan Port (Quang Ninh province).
"Phuc Yen Industrial Park is also positioned in the Hanoi-Lao Cai-Kunming (China) economic corridor. There are good connections on highways, trains, inland ports, and airplanes.
'With experience developing Nam Cau Kien Eco-Industrial Park in Hai Phong city, Shinec and its partner are committed to professionally building and operating Phuc Yen Industrial Park, attracting qualified investors with high investment efficiency, as directed by Deputy Prime Minister Tran Hong Ha," said Pham Hong Diep, chairman of Shinec JSC's board of directors.