COT Group, a major enterprise in electronic and electro-optical technology, plans to invest in Thang Long Industrial Park II to produce electronic, photovoltaic, and virtual reality products in November this year.

In a working session with the Hung Yen People Committee, the representative of COT Group said that after the survey, the enterprise chose Hung Yen as the location for its investment expansion.

According to the plan, the group will lease 6.6 hectares in Thang Long Industrial Park II in the first phase to invest in project construction. In the next 5-8 years, the group will expand its scale to 20 hectares with total investment capital of about US$500-800 million.

It will use the most advanced equipment for the production line. Additionally, the company is also willing to learn about the investment environment, legal procedures, and preferential policies in leasing land.

Nguyen Hung Nam, Vice Chairman of Hung Yen People Committee, said that the province paid great attention to creating favourable conditions for investors.

He affirmed that the provincial authorities would ask agencies and localities to coordinate with COT Group and the investor of the Thang Long Industrial Park II to urgently complete legal procedures. Once it fulfils financial obligations, the province would issue a certificate of land use rights for the expanded area in the industrial park.

Thang Long Industrial Park has an advantage in high-tech projects. There are 104 foreign investment projects with a total registered capital of about $3.2 billion, mainly from Japan such as Kyocera, Hoya, Nippon, Daikin, Toto, and Panasonic. — VNS