Sumitomo Corporation has outlined its expanded investment plans during a meeting with Hung Yen Province's authority this week, emphasising the need for support in facilitating their ventures within the region.

Currently, Sumitomo Corporation is in the process of expanding Thang Long Industrial Park II with the development of phase 3. The province has been actively supporting the corporation throughout the implementation of this project.

To date, six Japanese enterprises have invested approximately US$500 million in the expanded area of phase 3 in Thang Long Industrial Park II. Sumitomo Corporation intends to continue investing in the expansion of phase 4 once phase 3 is completed. They have requested ongoing support from the provincial leaders to expedite site clearance and project implementation for the next phase.

Provincial People's Committee’s Chairman Tran Quoc Van acknowledged the province's commitment to accelerating site clearance in the expanded area of Thang Long Industrial Park II. While substantial progress has been made, there are still some areas awaiting clearance due to objective reasons. Van proposed that Sumitomo Corporation collaborate closely with provincial departments and agencies to focus on clearing the remaining area of phase 3 expansion and develop specific plans for phase 4.

The province assured Sumitomo Corporation of its unwavering support and commitment to creating a conducive operational environment.

Thang Long II Industrial Park currently offers 268ha of industrial land for lease, with an occupancy rate of 66.8 per cent. The park primarily attracts investments in electronic and precision mechanical products, rubber products for the automobile industry, light industry and pharmaceuticals.

The industrial park currently hosts 104 foreign investment projects, with a total registered investment capital of approximately $3.3 billion. — VNS