Sumitomo seeks 392 hectare industrial park expansion in northern Vietnam

Japanese giant Sumitomo Corporation plans to expand the Thang Long II Industrial Park in Hung Yen province by 391.7 hectares in its fourth phase.

Takashi Yanai, general manager of the corporation’s logistics infrastructure business division, revealed the expansion plan at a Tuesday meeting with Hung Yen authorities.

He said Sumitomo appreciated provincial authorities’ support so far and requested that it continues in the next phase, especially in electricity supply.

As of June 2024, the facility was employing 27,000 people. With the expansion, this can increase to 40,000 by March 2027 (end of third phase) and 100,000 later, it is estimated.

The expansion can also see foreign direct investment (FDI) in the industrial park grow from $3 billion as of June 2024 to $4 billion in March 2027.

Nguyen Huu Nghia, a member of the Party Central Committee and Secretary of Hung Yen Party Committee, welcomed the expansion plan and said the province would facilitate it in line its newly-announced 2021-2030 master plan.

He called on the Japanese corporation to complete its third phase expansion before commencing the fourth phase, focusing in particular on developing and using rooftop solar power.

Praising the Thang Long II Industrial Park, Nghia said it has set an example to follow for Hung Yen in developing other such facilities.

Regarding electricity supply, Nghia noted that the province has been investing in power infrastructure to meet needs, with particular focus on 110 kV substations to power industrial production.

Established in November 2006, Thang Long II Industrial Park has so far attracted 84 investors including many prominent Japanese names like Kyocera, Hoya, Nippon, Daikin, Toto and Panasonic. After two phases, the facility covers 525.7 hectares with a total investment of $221.4 million.

As of end 2023, Hung Yen had attracted FDI worth $6.7 billion, of which Thang Long II Industrial Park alone accounted for more than $3 billion.