Authorities of the central province of Thanh Hoa have granted investment certificate for Lares Pte. Ltd of Singapore to build an ASEAN Vietnam Ceramic Valley project at Van Thang Yen Tho Industrial Cluster.

The project will cover over 322,345 sq.m in Nong Cong and Yen Tho communes.

The project has estimated investment capital of more than VND5.1 trillion ($193 million) and a capacity of producing 120 million ceramic products per year, including household and industrial ceramics.  

The project implementation will be divided into three phases. The first is scheduled for completion in the second quarter of 2027 with an estimated investment capital of over $84.6 million, while the second is expected to be completed in the third quarter of 2028 with an estimated investment capital of more than $100.1 million. The third is planned for completion in the second quarter of 2030 with investment capital of around $4.3 million.

The investor will contribute over VND1.02 trillion ($38.7 million), while the rest will be mobilized from different legal sources.