Japan’s Sumitomo eyes second business park in northern Vietnam province

Japanese keiretsu Sumitomo plans to build its second industrial park in Vietnam’s northern province of Vinh Phuc, a representative told local authorities Tuesday.

At a meeting with Vinh Phuc province, Sumitomo representative Takashi Yanai urged Vinh Phuc province to help the firm with recruitment of high-quality workforce and investment activities.

Backing the proposal, Vinh Phuc Chairman Tran Duy Dong asked the provincial industrial park authority to collaborate with Sumitomo to find a suitable location and handle administrative procedures. He also called on Sumitomo to encourage Japanese firms to invest in the province.

Thang Long Vinh Phuc, Sumitomo’s first industrial park in Vinh Phuc, was deployed in 2015. The VND2,000 billion ($78.4 million) project covers 213 hectares, including 170.4 hectares for industrial area and 21.3 hectares for trees and water surface.

So far, Thang Long Vinh Phuc has attracted 47 investments, including 37 foreign ones with total registered capital of over $1 billion and 10 domestic ones worth $200 million. Businesses in the industrial park now employ 9,600 people.

In August 2024, Thang Long Vinh Phuc made an expansion proposal to Vinh Phuc authorities, as the occupation rate had already exceeded 90%.

Sumitomo-invested industrial parks in Vietnam, including Thang Long in Hanoi, Thang Long II in the neighboring province of Hung Yen, and Thang Long Vinh Phuc in Vinh Phuc province, have attracted investments of $6 billion, creating 90,000 jobs.