Chairman of Hung Yen provincial People's Committee Tran Quoc Van (middle) exchanges MoU on the project with Sumitomo's representative (Photo: VNA)   

NDO/VNA – The northern province of Hung Yen will cooperate with Japan's Sumitomo Corporation in the implementation of the third phase of Thang Long Industrial Park II expansion project under a memorandum of understanding exchanged on November 25 within the framework of the official visit to Japan by Prime Minister Pham Minh Chinh.

Thang Long II Industrial Park has a favourable geographical position as it is only about 30km from Hanoi, 70km from Hai Phong port and about 110km from Quang Ninh deep water port.

In 2005, Hung Yen province allowed Sumitomo corporation and Thang Long Industrial Park Co. Ltd. to develop Thang Long II Industrial Park project on an area of 219.6 hectares. After that, the two parties agreed to establish Thang Long II Industrial Park Co. Ltd - the investor – which will operate the project.

The industrial park has so far attracted 105 foreign-invested projects with a total registered capital of nearly 2.95 billion USD. The occupancy rate of the IP is about 95.4 percent, of which 100 projects have been put into operation, with a total investment capital of about 2.4. billion USD, creating jobs for about 25,000 workers and contributing about 900 billion VND (45 million USD) to the State budget last year.

Last December, the Prime Minister agreed to expand Thang Long II Industrial Park - the third phase - with an additional area of 180.5 hectares to receive more investors.

Procedures relating to investment policy and planning for the expansion project are underway.

According to the Hung Yen provincial People’s Committee, once Thang Long II Industrial Park and other projects in the industrial park come into operation, they will create a driving force in attracting investment and industrial development of the province while promoting the growth of service and supporting industries at the same time. In addition, this project will create more jobs for local workers and contribute to State budget revenue.