Thai industrial developer WHA eyes second Vietnam facility by end 2024

Thailand's WHA Industrial Development is in the process of obtaining licenses to begin construction of WHA Smart Technology Industrial Zone 1 in Vietnam’s central province of Thanh Hoa by the end of 2024.

Thailand's leading industrial real estate developer made the statement in its 2023 performance review report. In addition to the 500-hectare industrial park, WHA noted that it plans to build two more in Vietnam, namely the 300ha WHA Smart Technology Industrial Zone 2 in Thanh Hoa province and the 400ha WHA Smart Eco Industrial Zone in the central province of Quang Nam.

WHA signed memoranda of understanding with the provincial authorities for the two latter facilities in 2022, the firm added.

WHA currently operates only one industrial park in Vietnam, namely WHA Industrial Zone 1 in the central province of Nghe An, with a total area of 2,100 hectares. Construction of phase 1 with 145 hectares is completed, while phase 2 of 355 hectare is under construction.

Regarding phase 2 of the facility in Nghe An, WHA has reached land lease agreements for 48 hectares with Fu Wing Interconnect Technology (Nghe An), a subsidiary of Foxconn Interconnect Technology; and 43 hectares with Sunny Optical Technology, a major manufacturer of mobile phone lenses and components.

In January 2024, Jareeporn Jarukornsakul, chairperson and CEO of WHA, said the firm has invested $200 million in Nghe An and targets to pour in another $1 billion over the next five years.

For global operations in 2023, WHA reported total revenue of THB17,015 million ($479.7 million), up 9% year-on-year, and net profit of THB4,426 million ($124.8 million), up 9%.