Northern Vietnam's Thai Binh province plans to build a bio-pharma industrial park in Quynh Phu district, the first in Vietnam, with a target to attract investments of $800 million in 2024-2027 and $1.2 billion in 2028-2030.
Singapore-based Makara Capital Partners Pte Ltd and Sakae Corporate Advisory Pte. Ltd., Thai Binh authorities, and Vietnam’s Newtechco Group signed a memorandum of understanding on studying the VND3.65 trillion ($155.45 million) project last Saturday.
The 345-hectare facility will require infrastructure investment of VND9 billion ($383,300) per hectare, according to the draft planning.
The industrial park is expected to host training centers, research facilities, logistics service providers, and manufacturers.
Thai Binh aims to complete legal procedures, including those related to planning and site clearance, in the third quarter of 2024. The facility is set to begin construction in Q4/2024 and reach full occupancy in 2030.
Speaking at the event, Deputy Minister of Health Do Xuan Tuyen said the project in Thai Binh is one of the two bio-pharma hubs in Vietnam per the government’s program for bio-pharma development until 2030, with vision until 2045.
He also lauded Thai Binh’s strengths of modern traffic infrastructure, with connections to airports and seaports and land advantages for quick infrastructure.
The Ministry of Health would provide the best conditions for investors and Thai Binh province to implement the project, Tuyen added.