Vietnam-China joint venture eyes $120 mln green industrial cluster project in northern Vietnam

CMC JD Limited, a joint venture between Vietnam’s CMC Corporation and China’s Jingdong (JD.com), has proposed developing a sustainable, green industrial cluster in northern Vietnam’s Vinh Phuc province.

At a meeting last Thursday with Tran Duy Dong, Chairman of the provincial People’s Committee, Liu Wen, deputy CEO of CMC JD Limited, stated that the company has been exploring the 30-hectare Cao Minh Industrial Cluster project in Cao Minh commune, Phuc Yen town since 2020.

CMC JD Limited, ranked among the world’s top 500 enterprises, operates primarily in logistics, construction, energy, and healthcare.

The proposed project features modern, synchronized infrastructure, including warehousing and logistics systems, with an estimated investment of $100-120 million.

Liu also expressed her hope that Vinh Phuc authorities would support the company’s plans to develop a hospital and medical equipment services in the region.

Highlighting the province’s potential in attracting investment and fostering industrial growth, Dong noted that Vinh Phuc is currently home to over 480 foreign-invested projects with total registered capital of approximately $8.5 billion, including major investments from Japanese firms such as Toyota and Honda.

"The province has also prioritized logistics development as a key driver of economic growth," he added.

Dong voiced his support for CMC JD’s proposal and instructed the Department of Industry and Trade and the Department of Construction to review and recommend adjustments to the Cao Minh Industrial Cluster plan, in line with the province’s Master Plan for 2021-2030, with a vision to 2050.

As an alternative, he added, the province could introduce another suitable location aligned with its broader development strategy for the company to consider.

Under its master plan, Vinh Phuc has set its average GRDP growth rate in the period 2021-2030 at about 10.5-11% per year. The average GRDP per capita is expected to reach about VND325 million by 2030. The province aims for an urbanization rate of 65%, meeting the criteria of a tier-1 urban area.

Vinh Phuc is expected to become a centrally-run city by 2050, with a modern, green, clean and beautiful infrastructure system. Vietnam currently has six centrally-governed cities, including Hai Phong, Hanoi, Danang, Hue, Can Tho, and Ho Chi Minh City.

Jingdong (JD.com) is one of the largest e-commerce platforms in China and globally. According to Reuters, last week Jingdong announced plans to establish a RMB200 billion ($27.4 billion) acquisition fund to support export businesses in transitioning to domestic consumption, amid escalating trade tensions between China and the U.S.