The People's Committee of central Thanh Hoa province has approved the investment policy and investor selection for Thang Long Thanh Hoa Industrial Park (Phase 1), with a total investment capital of nearly VND2.918 trillion (over $112 million).

The project, invested in by Sumitomo Corporation (Japan), covers an area of 167 ha in four communes, namely Dong Yen and Dong Van (Thanh Hoa city), and Dong Tien and Dong Thang (Trieu Son district).

Sumitomo Corporation contributes 15% of the total investment capital, and the remainder will be mobilized from other sources.

The operating term of the project will be 50 years, starting from the date of land allocation or lease by the state.

The project's objective is to develop and operate industrial park infrastructure, focusing on supporting industries, in line with the development strategy of the North Central and Central Coast region of Vietnam and the Government’s plan for supporting industry expansion.

Regarding implementation progress, the investor must complete capital contribution within 90 days from the date on which the Enterprise Registration Certificate is issued.

The capital mobilization process must be completed within 36 months from the land handover date, while construction and commissioning must also be completed within 36 months from the date of land receipt.