Sumitomo-developed 645 hectare IP plan approved in central Vietnam

A 1-to-2000 ratio plan for a 645.2-hectare industrial park invested by Sumitomo in the central province of Thanh Hoa has been approved by local authorities.

The IP will be built on the western side of the province’s eponymous capital town of Thanh Hoa.

Japanese conglomerate Sumitomo Corporation and Thanh Hoa authorities had signed a $400-million memorandum of understanding for the project in June 2023.

Sumitomo plans to start work on the project in 2024-2025. The Japanese giant will also research the feasibility of building a logistics center and an urban area surrounding the industrial park, covering another 168.5 hectares.

The new industrial park will focus on eco-friendly and high-tech sectors including electronics-electricals, telecommunications, manufacturing-processing, precision mechanics, automobile-motorcycle, medical items, supporting industry and consumer products. It is expected to employ 30,000-40,000 people.

Nearly 70% of the IP’s 645 hectares, or 448 hectares, has been allocated for factory construction. About 10% each has been allocated for tree planting and traffic infrastructure; nearly 6% for administrative and public areas; and 1.3% for other technical infrastructure.

The plan’s approval is part of efforts by provincial authorities to implement Thanh Hoa’s 2021-2030 master plan, which has particular focus on industrial park development to attract investment.

Sumitomo, which has been investing in Vietnam since 1997, is well known as the developer of the Thang Long industrial park in Hanoi, Thang Long II industrial park in Hung Yen province and Thang Long Vinh Phuc industrial park in Vinh Phuc province. Both Hung Yen and Vinh Phuc provinces neighbor Hanoi.