Dec. 18, 2023
Commences sales of industrial park lots in Quang Tri Province in central VietnamContributing to the further development of Vietnam
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo), together with Amata City Bien Hoa JSC (“ACBH”) and Vietnam Singapore Industrial Park JV Co., Ltd. (“VSIP”), launched the sales of lots in the industrial park in Quang Tri Province in central Vietnam (“Quang Tri Industrial Park”).
Vietnam is continuing to enjoy its economic growth, with GDP growing over 5% in the third quarter of 2023. The country is benefiting from the deregulation of trade through free trade agreements and economic partnership agreements with many countries and regions. Going forward, companies, mainly in the manufacturing industry, are expected to enter Vietnam. However, investment by foreign countries is not making progress in Quang Tri Province, which is situated in the central part of the country. Consequently, attracting foreign companies into the province is an issue at hand to achieve further economic development. The Vietnamese government is making great efforts to establish an attracting investment environment in central Vietnam, in addition to the cities of Hanoi and Ho Chi Minh The development of Quang Tri Province is seen as a key to triggering further development in Vietnam overall.
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The Quang Tri Industrial Park is located in the Hai Lang District of Quang Tri Province, which is approximately 50 km northwest, around one hour drive from the center of Hue, a city in central Vietnam. Central Vietnam is the Eastern gateway of the East-West Economic Corridor (EWEC), which crosses the Indochinese Peninsula and connects Vietnam, Laos, Thailand, and Myanmar and the logistics infrastructure, including airports and seaports, is far-reaching. On top of this, it is easy to secure human resources and the region is well prepared to attract companies, especially manufacturing industry to enter the market going forward. The Quang Tri Industrial Park is scheduled to develop approximately 100 hectares and groundbreaking ceremony was conducted on December 15.
Since the establishment of Thang Long Industrial Park in 1997, Sumitomo Corporation has developed and operated three industrial parks in the suburbs of Hanoi: Thang Long Industrial Park II (2006) and Thang Long Industrial Park III (2015). As of December 2023, the three companies have a total developed area of over 1,000 hectares, 240 tenant companies, and approximately 90,000 employees. By utilizing the knowledge of the industrial park business in Vietnam and working together with the two partners, Sumitomo Corporation will continue to contribute to industrialization, economic development, and job creation in Quang Tri Province, Central Vietnam.
Profile of the Quang Tri Industrial Park
| （1）Business entity | ： | QUANG TRI DEVELOPMENT CONSORTIUM CO., LTD. | |
| （2）Ownership ratio | ： | Sumitomo Corporation 20% Vietnam Singapore Industrial Park JV Co., Ltd. 60% Amata City Bien Hoa JSC 20% |
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| （3）Location | ： | Hai Lang District, Quang Tri Province, Vietnam (Approx. 50 km or about 1 hour by car from the central Hue) |
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| （4）Development area | ： | Approx. 100 hectares | |
| （5）Start of construction | ： | 2024 (tentative) |
