Ha Long city project expected to attract investors from Japan, South Korea, and Taiwan.
The Amata Corporation, Thailand’s largest industrial estate developer, and Vietnam’s Tuan Chau Group have come together to develop a high-tech industrial zone, Amata City Ha Long Industrial Estate, in Ha Long city, Quang Ninh province, next year.
According to the Bangkok Post, the joint venture, of which Amata holds 70 per cent, will invest $1.6 billion in building the high-tech industrial zone on 5,789 hectares of land.
Ms. Somhatai Panichewa, President of the Amata Vietnam Joint Stock Company, said the company submitted an investment application this month and expects to gain approval by the third quarter. Upon completion the project promises to attract a large number of investors from Japan, South Korea and Taiwan. “The project is not only an industrial zone; it will also be a modern city of the future,” she said.
The project includes ten stages and full completion is expected in 2030. The first phase comprises 500 hectares and has a budget of $60 million. Construction is hoped to begin next year and be completed in 2018. The industrial zone will attract investment in the vicinity of $5 billion once opened and create some 300,000 jobs.
The Amata Corporation is the largest industrial park developer in Thailand and is listed on the country’s stock exchange. In Vietnam it is one of the most successful industrial infrastructure development investors, with the Amata Industrial Zone in southern Dong Nai province attracting a range of international manufacturers.
Established in 1997, the Tuan Chau Group, headquartered on Tuan Chau Island in Ha Long city, has previously worked with many international groups to develop projects in hotels, office blocks, resort, and villas.