Vietnamese Prime Minister Nguyen Xuan Phuc has approved the development of the WHA Hemaraj 1 Industrial Park in Nghe An province’s Southeast Economic Zone, local online newspaper Baonghean.vn reported.
This project will be developed by a joint venture between Vietnam-based Civil Engineering Construction Corporation No 4 (Cienco 4) and Thailand-based Hemaraj Land & Development at a total cost of 23 trillion dong (nearly Bt35 billion).
It will cover a combined area of 3,200 hectares in the two districts of Nghi Loc and Dien Chau with rental contracts for 70 years.
Last October, Hemaraj-Cienco 4 Co signed a deal with the Nghe An provincial government to start building the industrial zone in the middle of July this year and complete it by 2038. The project plan was then appraised by the Vietnamese Ministry of Planning and Investment and then submitted to the government for approval.
Construction will be divided into seven phases. In the first phase, the team will develop an industrial estate of about 500 hectares with a total investment capital of 2.1 trillion dong.
"With this project, we plan to invest in the construction of infrastructure systems for industrial parks, logistic facilities and urban areas to attract secondary investors,” said Nguyen Tuan Huynh, chairman and general director of Cienco 4.
David Nardone, chief executive of Hemaraj Group, said it was an infrastructure developer for industrial-park, urban-area and power infrastructure in Thailand.
Currently, Hemaraj owns eight industrial zones with a total area of 7,000 hectares, bringing together 600 enterprises from all over the world, including many major names in the fields of logistics, automobile manufacturing and energy, the Thai company says.
"With the capability and experience in the field of infrastructure construction for industrial zones, combined with Cienco 4’s core competence and prestige, we hope to develop the WHA Hemaraj 1 IP into a model industrial park in Nghe An," Nardone said.