Thai firm Amata-invested industrial park in Quang Ninh seeks 12 tenants

Quang Ninh province-based Song Khoai Industrial Park, invested by Thailand’s biggest industrial developer Amata, is looking to attract $1 billion in 12 projects this year, raising the total investments in the park to $2.6 billion.

At present, five projects worth $1.1 billion, including $865 million invested by China’s Jinko Solar, and $154 million by Swedish automotive safety firm Autoliv, are being implemented in the 714-hectare IP in the northern coastal province.

Amata has completed land preparations covering 116.5 hectares and a 1.5-kilometer road linking the western and eastern parts of the facility. The firm has also finished the installation of a 110-kV substation, and water supply and treatment stations.

The IP is seeking provincial authorities' approval to deploy solar and wind power systems to boost energy efficiency.

Quang Ninh's acting Chairman Cao Tuong Huy has ordered relevant authorities to complete site clearance and hand over the land in June. So far, site clearance in the IP is 75% complete.

The business environment in Quang Ninh is among the best in Vietnam. The province topped the annual Provincial Competitiveness Index (PCI) in 2022 for the sixth consecutive year with a score of 72.95 out of 100. The PCI 2022, released by the VCCI and USAID earlier this month, is the 18th edition of the ranking based on the business environment and improvements to administrative procedures in the country.

Quang Ninh led the list in terms of economic management quality with innovations in investment attraction and administrative reforms. The province, home to Halong Bay, also made strong efforts to utilize public investment via the public-private partnership model to drive private investment.

Amata VN Public Company Limited, under Thailand’s Amata, earned an after-tax profit of 1.17 billion baht ($33.88 million) in 2022, up 57.09% year-on-year, according to the firm’s financial statement.

Last year, the firm recorded a revenue of 2.68 billion baht ($77.63 million), up 22.41% year-on-year. Of this, sales of investment properties accounted for the biggest portion with 1.33 billion baht ($38.54 million), or 49.68% of the total; followed by utilities services with 994.49 million baht ($28.78 million), or 37.1%; and real estate sales with 203.82 million baht ($5.9 million), or 7.6%.

Amata’s three operational IPs in Vietnam are the 513-hectare Amata City Bien Hoa and 410-hectare Amata City Long Thanh, both in Dong Nai province near Ho Chi Minh City, and the 710-hectare Amata City Halong, also known as Song Khoai Industrial Park, in Quang Ninh. The three parks house more than 200 factories.