Authorities in Long An province bordering Ho Chi Minh City presented an investment policy decision to a Saigontel JSC subsidiary on Tuesday for the construction of a 654-hectare industrial park.
Long An Investment and Development JSC, the subsidiary, will build the $402 million Tan Tap Industrial Park in Can Giuoc district in the proximity of National Highway 1A, Ho Chi Minh City-Trung Luong Expressway, and Ho Chi Minh City-Long Thanh-Dau Day Expressway.
It is about 15 kilometers to Hiep Phuoc Port and 45 km to Cat Lai Port, both in HCMC. Cat Lai is one of Vietnam’s busiest container terminals.
The industrial developer will build a 100-hectare innovation hub named LA Innovation Techno Park in Tan Tap IP as it expects to attract incubation projects, R&D centers, and technology investors.
HCMC-based Saigontel, which used to be a telecom company, has gradually shifted to an industrial developer with projects nationwide. On November 2, it broke ground on three industrial clusters in the northern province of Thai Nguyen.
Covering almost 75 hectares in Pho Yen town, Tan Phu 1 and Tan Phu 2 industrial clusters have a combined investment of about $21 million, while the 35-hectare Luong Son industrial cluster in Song Cong town will cost more than $12 million to build.
Saigontel and Singapore’s Aurous Capital Pte. Ltd. signed a memorandum of understanding this February to jointly develop an industrial and urban complex worth $2.5 billion in the northern province of Bac Giang.
The project would comprise 500 hectares of industrial estates and 200 hectares of housing. The Vietnam-Singapore business partnership has not started work on the complex.
Vietnamese businessman Dang Thanh Tam is at the helm of both Saigontel and Kinh Bac City Development Holding Corporation (KBC), a Vietnamese leading industrial property and urban developer. Earlier this month, KBC subsidiary Saigon-Bac Giang Industrial Park Corp. was allowed to expand Quang Chau Industrial Park, home to a factory of the world’s biggest electronics contractor Foxconn, in Bac Giang.
The 90-hectare expansion project has an investment capital of VND996 billion ($40 million).
Foxconn signed a memorandum of understanding with Saigon-Bac Giang this August to lease 50.5 hectares of land in Quang Chau IP to implement an investment project focusing on manufacturing Apple products worth more than $300 million.