UPDATE1: Sumitomo opens its 3rd industrial park in Vietnam with 8 Japanese tenants

10, Nov. 2018

――Recasts with focus on shift from China, adds quotes, background

HANOI, NNA –Trading house Sumitomo Corp. has opened its third industrial park in Vietnam, riding on the recent trend of manufacturers shifting their factories from China.

Eight Japanese tenants have signed a lease at the Thang Long Industrial Park III in Vinh Phuc Province, north of Hanoi. Their total investment is estimated at $150 million.

“We see Vietnam as an important area in the development and management of industrial parks,” Yasushi Fukuda, Sumitomo’s executive officer and general manager of the Logistics Infrastructure Business Division, told an inauguration ceremony Thursday.

“Vietnam is drawing attention as an alternative as the U.S.-China trade war is prompting a shift in production from China.”

Thang Long Industrial Park (Vinh Phuc) Corp., a wholly owned subsidiary of the trading firm, has developed 104 hectares of land for the first phase of the industrial park. It will embark on the second phase on a 109-hectare lot early next year.

The company said it had received inquiries from manufacturers of automobile and motorcycle parts, as well as construction materials.

Sumitomo entered the industrial park business in Vietnam in 1997. It operates Thang Long Industrial Park I in Hanoi and Thang Long Industrial Park II in the northern province of Hung Yen, with 104 tenants and 74 tenants, respectively.