Sumitomo to Launch $1 Billion Industrial Park Project in Vietnam

Japanese conglomerate Sumitomo Corporation is proceeding with plans to develop the Binh Xuyen - Yen Lac II Industrial Park in Phu Tho Province, northern Vietnam. The project is expected to have a total investment of over VND 2,650 billion (approximately $100 million) and cover an area of 132 hectares. The industrial park is strategically located adjacent to Ring Road No. 4 and Provincial Road 303. Sumitomo aims to foster it as an industrial cluster attracting Japanese companies in sectors such as semiconductors, mobile phones, electronic components, and machinery. Tran Duy Dong, Chairman of the Phu Tho Provincial People's Committee, expressed the province's commitment to accelerating land acquisition and developing related infrastructure. Phu Tho aims to issue the investment certificate by the end of August and break ground in early November. Sumitomo Corporation, a Japanese multinational founded in 1919, has been investing in Vietnam since 1997. It currently operates the Thang Long I and II industrial parks in Hanoi and Hung Yen Province, and is also involved in the Hanoi Smart City development project. Following its merger with Binh Xuyen and Hoa Binh, Phu Tho Province has enhanced its competitiveness in attracting investment in industry, services, urban development, and tourism. From January 1 to July 15 this year, the province attracted 67 FDI projects with a total registered capital of nearly $1.4 billion, an 89% increase year-on-year.