Thai firm WHA plans $150 mln industrial park in central Vietnam
WHA Industrial Development, a leading industrial realty developer in Thailand, plans to build a 499-hectare industrial park in Vietnam’s central province of Thanh Hoa with an investment of $150 million.
WHA is finalizing documents for the investment and has asked provincial authorities to facilitate the process, said Jareeporn Jarukornsakul, chairwoman and CEO of the firm, at a meeting with Thanh Hoa Chairman Do Minh Tuan on Tuesday.
The facility, named Phu Quy, is expected to expand to 545 hectares by 2030 and 845 hectares after 2030. Tuan expressed his support for the project, emphasizing the industrial park's advantage of being connected with the under-construction North-South Expressway.
In December 2020, WHA and the provincial economic zone and industrial park authorities signed a memorandum of understanding (MoU) on developing the industrial park. The facility aims to attract eco-friendly and high-tech sectors, textile-footwear, food processing, and others.
Jareeporn Jarukornsakul (third from left), chairwoman and CEO of WHA Industrial Development, at a meeting in Thanh Hoa province, central Vietnam on May 16, 2023. Photo courtesy of Thanh Hoa Television.
WHA’s first project in Vietnam is the WHA Industrial Zone 1 in the central province of Nghe An, which neighbors Thanh Hoa. The 1,850-hectare facility has an investment of VND22 trillion ($939 million) and has completed the first phase of 498 hectares.
A major project in the industrial park is a $100 million investment by Foxconn, a key supplier for Apple. The Taiwanese business is scheduled to commence construction of the 48-hectare project in June 2023. Between July 2024 and October 2024, the Taiwan-based giant will conduct trial runs, then enter official operation in November 2024, according to the investment certificate.
Vietnam's industrial production declined 1.8% in the first four months of the year amid weaker global demand, the General Statistics Office (GSO) reported. Thanh Hoa bucked the trend with growth of 5.34% from January-April, according to provincial data, driven by an increase of 14.8% in the mining sector, 3.04% in the manufacturing-processing sector, and 43.39% in electricity production and distribution.
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