Sumitomo Corporation and Thanh Hoa People's Committee have signed a memorandum of understanding (MOU) to explore investment opportunities in constructing industrial zones in the west of Thanh Hoa City, along with the establishment of logistics and urban centres.

The key investment project aims to create a top-notch industrial park that will attract investors with modern technology while creating numerous job opportunities and contributing to the province’s socio-economic development.

The project is scheduled to be implemented in the 2024-25 period, with a total capital outlay of approximately US$300-$400 million.

The industrial park project will cover an estimated area of 650 hectares, while the logistics and urban centre surrounding it will occupy approximately 168.5 hectares.

As per the Thanh Hoa provincial 2021-30 planning, with a vision to 2045, approved by the Prime Minister in February this year, the industrial zone in the west of Thanh Hoa City will cover a total of 1,200 hectares. It will be located 11 km west of the city's centre with convenient access to the North-South expressway intersections and Tho Xuan International Airport.

This industrial-urban-service zone will prioritise clean technologies, high-tech applications and urban services, supported by a comprehensive social and technical infrastructure. Japanese businesses, including Sumitomo Group, are renowned for their expertise in these areas.

During the meeting, Thanh Hoa province's leaders recommended that Sumitomo Corporation focusses its energies on conducting research and initiating investments to kickstart the project.

This venture represents Sumitomo Corporation's fifth industrial park investment in Viet Nam.

Currently, Japanese investors lead foreign investments in Thanh Hoa Province with direct investment capital exceeding $6.6 billion, representing almost 46 per cent of the total FDI in the region. — VNS