The People's Committee of the north central province of Thanh Hoa has approved an investment plan for the Thang Long Thanh Hoa Industrial Park (phase 1), with Sumitomo Corporation, a diversified conglomerate from Japan, selected as the investor.

The investment of the projected industrial park (IP) is divided into 4 phases, focusing on manufacturing and supporting industries.

Phase 1 will cover a total area of approximately 167 ha, located in Dong Yen and Dong Van communes (Thanh Hoa city) and Dong Tien and Dong Thang communes (Trieu Son district). The total investment capital for the project is nearly VND3 trillion (over $115 million), of which the investor's contribution accounts for 15%.

The project will operate for 50 years, with the implementation timeline extending to December 2027. Upon completion, the project is expected to attract 50-250 secondary investors to lease land and build factories, creating jobs for approximately 13,000-40,000 workers.

Sumitomo began investing in Vietnam in 1997. Currently, Japanese giant operates two industrial parks, Thang Long I and II, located in Hanoi and Hung Yen, respectively.