Work started on the expansion of the Yen Phong 1 Industrial Park in Yen Phong district, the northern province of Bac Ninh, on March 7.
The industrial park will be expanded by 314 hectares at a cost of some 3 trillion VND (135 million USD), raising its total area to over 658 hectares.
The project is expected to transform Bac Ninh into a hub of electronics, telecommunication and green industries in Vietnam, said Tran Anh Tuan, Director of the Viglacera Infrastructure Investment Development Company.
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| Bac Ninh's industrial park (Photo: vsip.com.vn) |
The Viglacera Corporation, which owns the company, began building the industrial park in 2005. The park is considered as an attractive destination for investors from the Republic of Korea, Japan and other countries with major businesses operating there like Samsung, Orion, Flexcom, Dongsin, Mobase, Dawo Vina and Hansol.
Yen Phong 1 has drawn nearly 8 billion USD of investment capital so far, including 7.2 billion USD of foreign direct investment. Notably, Samsung earmarked an additional 3 billion USD for investing in the park last year.
Deputy Minister of Construction Le Quang Hung said it is one of the industrial parks with the most effective land use, elaborating that the park attracted 0.31 billion USD on each of the existing 246 hectares of industrial land. Enterprises based there also significantly contributed to Bac Ninh’s total export of 28 billion USD in 2015.
He added that the firms have created jobs for over 60,000 workers, including local residents and laborers from around the nation.
Located at the center of the northern economic development triangle (whose three points are Hanoi, Hai Phong city and Quang Ninh province), the Yen Phong 1 Industrial Park was built with the ultimate goal of turning Bac Ninh into a modernity-oriented industrial province.
Some foreign investors said the park’s attraction comes from Viglacera’s continual improvement of infrastructure and services. The facility also boasts an abundant and quality workforce.
Source: VNA