New Industrial Park Development in Thanh Hoa Province, North-Central Vietnam- Leveraging Sumitomo Corporation's comprehensive capabilities to consider mixed-use development including residential and retail facilities around the park -

According to the General Statistics Office of Vietnam, the GDP growth rate for 2024 is forecasted to be 7%, the highest among the six major Southeast Asian countries, indicating that Vietnam's economy is maintaining robust growth. Further, with a pool of highly skilled labor, Vietnam is expected to see new investments and expansion of production bases, primarily by manufacturing companies.

Thanh Hoa Province, where the industrial park is being developed, is the third most populous province in Vietnam, after Ho Chi Minh City and Hanoi. Due to its relatively low wage levels, the region is expected to attract labor-intensive industries. Additionally, Vietnam’s north-central region, including Thanh Hoa, has been receiving increasing attention from Japanese companies as well as Chinese and Taiwanese companies in the electronics industry, which have been expanding into the area in recent years.

The industrial park is located approximately 150 kilometers from downtown Hanoi, and with the completion of a new expressway in 2024, travel time from Hanoi has been significantly reduced from over 4 hours to 2.5 hours. It is also approximately 2–3 hours from the Hai Phong port. Further, the park plans to supply green electricity through solar power and will also engage in nature-positive initiatives, such as ecological restoration efforts.

Since the establishment of Thang Long Industrial Park in 1997, Sumitomo Corporation has developed and launched operations at four industrial parks in Vietnam. The total developed area exceeds 1,100 hectares, making it the largest industrial park development by a Japanese company in Vietnam. In addition to Vietnam, Sumitomo Corporation is also involved in the development, sale and operation of industrial parks in Indonesia, the Philippines, India, Myanmar and Bangladesh. As of May 2025, the industrial parks developed and operated by Sumitomo Corporation (nine locations) have 630 tenant companies, with a total of approximately 230,000 employees, and a total developed area of around 2,900 hectares.
Through these continued operations, Sumitomo Corporation will draw on its extensive expertise to support tenant companies, attract manufacturing companies to the industrial park and tackle a variety of challenges, leveraging its wide-ranging capabilities to continue contributing to industrialization and economic development in Vietnam.