Real estate giant Vinhomes to develop $523 mln industrial park in central Vietnam

Vinhomes, a subsidiary of Vietnam’s largest listed conglomerate Vingroup, will build a VND13.3 trillion ($523.3 million) industrial park in the central province of Ha Tinh.

Deputy Prime Minister Tran Hong Ha signed Saturday a decision granting in-principle approval for the company’s Vinhomes Vung Ang-Ha Tinh Industrial Park project.

The project will cover 964.84 hectares in the Vung Ang Economic Zone, Ky Anh township.

Of the estimated total investment of VND13.3 trillion ($523.3 million), the developer will contribute VND1.99 trillion and mobilize the remainder from other sources.

The Deputy PM’s decision tasks the Ministry of Planning and Investment with appraising the project investment plan and implementing state management of industrial parks in line relevant laws.

Relevant agencies in charge of project investment policy have to ensure compatibility of forestry-related content in the approved master plan for Ha Tinh province and the national forestry plan.

The People's Committee of Ha Tinh province is tasked with ensuring accuracy of information, data and appraisal content in accordance with laws; and be responsible for the project's conformity with plans approved by competent authorities.

The decision requires the developer to ensure the legality, accuracy and veracity of the project profile and documents sent to competent state agencies; and comply with legal provisions during project implementation.

Ha Tinh has two economic zones, three industrial parks and 21 industrial clusters. Of these, the 22,700-hectare Vung Ang Economic Zone is one of eight key economic zones in the country.

The province currently has 1,500 domestic investment projects with a total investment of more than VND145 trillion ($5.7 billion) and 72 foreign investment projects worth $16.2 billion.

It is home to some mega projects including the $2.4 billion, 1,320-MW Vung Ang II thermal power plant, which is set to become operational next year; the electric vehicle (EV) battery plant of VinES, a subsidiary of Vingroup; and the Formosa Ha Tinh Steel complex invested by Taiwan's Formosa Plastics Group.