The Sumitomo Corporation from Japan plans to develop a modern industrial park (IP) in the west of Thanh Hoa city in north-central Thanh Hoa province as well as a logistics center and an urban area surrounding the park.

Total investment capital is estimated at $400 million.

The industrial park is designed to cover an area of 650 ha while the logistics center and urban area will cover 168.5 ha.

The corporation signed an MoU on June 28 regarding cooperation with provincial authorities to study the project.

The IP is expected to help draw more foreign investors to the province and generate jobs for local people. It will focus on environmentally-friendly and high-tech industries.

Speaking at the signing ceremony, Deputy Chairman of the Thanh Hoa Provincial People’s Committee Nguyen Van Thi said the province will create the best conditions possible for Sumitomo’s investment.

Japan is the largest foreign investor in Thanh Hoa, with $6.6 billion in capital to date, or 45.7 per cent of FDI in the province.