The northern province of Thai Binh plans to build an industrial park to develop pharmaceutical and biological products, the first of its kind in Vietnam.

Partners in the project are the Singapore-based Makara Capital Partners Pte. Ltd. and Sakae Corporate Advisory Pte. Ltd. and Vietnam’s Newtechco Group JSC. Under an MoU signed between provincial authorities and investors on April 1, the project will cover 300 ha in Quynh Phu district and require an estimated $150-200 million in investment. Once completed, the industrial park is expected to attract total registered investment of $800 million in the 2024-2027 period and $1.2 billion in the 2028-2030 period.

As the first large-scale and modern pharmaceutical and biological industrial park in Vietnam, the project will not only meet domestic demand for drugs and medical equipment but also target high-value exports. It is also expected to help the Vietnamese Government attract private investment and boost the country’s pharmaceutical industry.

Thai Binh aims to complete legal procedures, including those relating to planning and site clearance, in the third quarter of 2024. Construction is set to begin in the following quarter, with full occupancy reached by 2030.

Speaking at the MoU signing ceremony, Deputy Minister of Health Do Xuan Tuyen said that along with the booming Vietnamese economy, the industrialization of the country’s pharmaceutical industry has also developed strongly. The building of the industrial park is therefore considered a particularly important for investors in the pharmaceutical industry and will promote the development of Vietnam’s pharmaceutical industry in line with the strategy and guidelines from the government.