Nov. 08, 2018
Thang Long Industrial Park (Vinh Phuc) Corporation
Operations to begin at Thang Long Industrial Park (Vinh Phuc) in Vietnam
Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) has completed construction of the first phase (104 hectares) of the Thang Long Industrial Park (Vinh Phuc) (hereinafter, “TLIP III”) being built in Vietnam’s Vinh Phuc Province (north of Hanoi), and a ceremony will be held today at TLIP III to celebrate its opening (hereinafter, “Opening Ceremony”).
This Opening Ceremony will welcome the guests of Vietnam and Japan, all of whom expressed hopes for future development and prosperity. Diplomatic relations between Japan and Vietnam were established 45 years ago in 1973, and the Opening Ceremony was included among the 45th anniversary celebrations officially endorsed by the Japanese Embassy in Vietnam. TLIP III and the Japanese companies operating there will be creating more jobs and contributing to Vietnam’s industrial development.
Vietnam enjoys a stable political climate and a wealth of high-quality labor resources, and companies that have already set up operations in the country have praised recent efforts to improve social/transport infrastructure by, for example, opening access roadways and bridges to Lach Huyen International Port, a key port in northern Vietnam. In 2017 Vietnam achieved a ten-year high GDP growth rate of 6.8% (source: April 2018 report from the International Monetary Fund). Direct investment from Japan totaled US$9.11 billion in 2017, the highest level in the world, and future expansion by Japanese companies is anticipated.
Established in 2015 as the Sumitomo Corporation Group’s third industrial park in Vietnam, TLIP III is located in Vinh Phuc Province 44km, about 50 minutes by car, north of central Hanoi, and will have a development area of up to 213 hectares. In March 2018, a Vinh Phuc Province Japan Desk was set up in TLIP III that has since been actively providing support for Japanese companies moving into Vietnam. As of today, tenancy agreements have already been concluded with several companies. Second-phase development is expected to begin in early 2019 at a 109-hectare site southwest of the first-phase location.
Since opening the Thang Long Industrial Park in 1997, Sumitomo Corporation has provided tenant companies with a full range of high-quality services, from assisting with local registration and permit application procedures to supporting subsequent facility operation. The company will leverage the two decades of experience it has gained in operating industrial parks in Vietnam to support further expansion by Japanese companies into Vietnam.
|■ Profile of TLIP III|
|(1) Business entity||:||Thang Long Industrial Park (Vinh Phuc) Corporation|
|(2) Investment ratio||:||Sumitomo Corporation: 100%|
|(3) Location||:||Vinh Phuc Province, Vietnam (44km north of central Hanoi)|
|(4) Development area||:||213 hectares (planned)|
|(5) Date established||:||November 17, 2015|
(Photo of TLIP III)
■Sumitomo Corporation’s Material Issues
Sumitomo Corporation Group positions “Six Material Issues to Achieve Sustainable Growth with Society” as an important factor in developing business strategies and in the decision-making process for individual businesses. Going forward, we will pursue sustainable growth by resolving these issues through our business activities. This project especially contributes to “the Development of Local Communities and Industries”, “Establishing a Foundation for Comfortable and Enriching Lifestyles” and “Providing Diverse Accessibility”.