Sumitomo eyes major investment in Nam Dinh

Akito Shiraishi, representative of Sumitomo Corporation, expressed his appreciation for the warm reception from the Nam Dinh Party Committee and its leaders, as he hinted at Sumitomo's keen interest in investing in a new industrial complex in Nam Dinh, covering an area of over 300 hectares.

"Our primary objective is to develop industrial parks (IPs) while catering to the business aspirations of investors. There are numerous domestic and international investors in Vietnam, and particularly in Nam Dinh, but Sumitomo brings a distinctive investment approach, emphasising long-term customer relationships to ensure optimal contributions to the province's development, local businesses, and neighbouring areas,” said Shiraishi.

Following the meeting, Shiraishi said a comprehensive feasibility study would be initiated with Thang Long IP Co., Ltd. to finalise investment decisions in Nam Dinh.

Secretary of Nam Dinh Party Committee Pham Gia Tuc, said, “We are optimistic that Sumitomo, with its vast global experience, will develop an advanced, environmentally friendly IP in Nam Dinh. Such an endeavour would significantly bolster the sustainable socioeconomic development of the province.”

Tuc also urged Nam Dinh Industrial Park Management Authority to collaborate and provide all essential information to facilitate the corporation's research.

Established in 1919, Sumitomo Corporation, a global business conglomerate, has held its place within the Fortune Global 500 for the past 28 years. With a valuation of $26.6 billion, the group commands an impressive portfolio of 883 subsidiaries and affiliate companies, employing over 75,000 personnel globally. The corporation currently oversees nine IPs in six countries.

Sumitomo has been in Vietnam since 1997 with the establishment of Thang Long IP. The corporation has since invested in the development of Thang Long II in Hung Yen province and Thang Long Vinh Phuc in Vinh Phuc province. These parks cover a combined area exceeding 1,000ha, with a total investment of around $404 million.

JiaWei Corporation, a Taiwanese company, has decided to invest $100 million in the My Thuan Industrial Zone in Nam Dinh province, encompassing high-tech household appliance manufacturing, support printing, and paper box production plants.

Two companies from Singapore are ramping up the development of their manufacturing bases in the northern province of Nam Dinh.

Sumitomo Corporation is strengthening its commitment to Thang Long II Industrial Park (IP) in the northern province Hung Yen, with six Japanese companies investing $500 million in the park's third phase expansion.

Sumitomo Corporation, a Japanese conglomerate, visited Thanh Hoa province on June 28 to sign an MoU with the centrl province's people's committee. The agreement focuses on researching and investing in the construction and operation of industrial infrastructure in the western area of Thanh Hoa city, including a logistics centre and urban development surrounding the industrial zone.