WHA Industrial Development Unveils Plans for New Industrial Park in Quang Nam, Vietnam
By Tri Duc
Fri, March 15, 2024 | 8:00 pm GMT+7
Thailand’s WHA Industrial Development Company has recently achieved in-principle approval for an ambitious project that involves the construction of a 400-hectare industrial park in the central province of Quang Nam, Vietnam. With an investment valued at VND3.5 trillion (approximately $141.5 million), this initiative underscores WHA’s commitment to expanding its footprint in Vietnam’s rapidly growing industrial sector.
Project Overview
The recent announcement from Quang Nam authorities emphasized a collaborative effort, requesting relevant agencies to expedite the preliminary studies necessary for the project. The industrial park aims to attract ventures focused on sectors prioritized by the government, such as automobile manufacturing, mechanical engineering, electronics, healthcare, and logistics. This strategic focus highlights the region’s commitment to modernizing its industrial base while catering to global market demands.
Future Developments
WHA is expected to receive formal documentation from Quang Nam enabling the project to move forward during an event later this week, where provincial development plans will be publicly announced. Interestingly, WHA had signed a memorandum of understanding with local authorities back in 2022, showcasing a long-standing partnership aimed at fostering economic growth in the region.
Existing Operations in Vietnam
WHA Industrial Development is no stranger to the Vietnamese market. The company already operates the WHA Industrial Zone 1 in Nghe An province, which spans a substantial area of 2,100 hectares. As of now, the initial phase, covering 145 hectares, is complete, while the second phase, encompassing 355 hectares, is currently under construction.
Investment Goals
In January 2024, the chairperson and CEO of WHA, Jareeporn Jarukornsakul, stated that the company had invested $200 million in the Nghe An region. Moreover, they plan to allocate an impressive $1 billion within the next five years to further develop their operations. This investment reflects WHA’s confidence in Vietnam as a burgeoning hub for industrial growth.
Future Expansion Plans
Besides the new industrial park in Quang Nam, WHA has laid out ambitious plans for further expansion across Vietnam. The company is set to develop the WHA Smart Technology Industrial Zone 1, covering 500 hectares, as well as WHA Smart Technology Industrial Zone 2, which will span 300 hectares, both located in the central province of Thanh Hoa.
On top of these projects, WHA has recently submitted a proposal to the southern province of Ba Ria-Vung Tau to establish a colossal 1,200-hectare industrial park. This continual push for expansion illustrates WHA’s strategic vision to cater to the increasing needs for industrial spaces as Vietnam solidifies its standing as a key player in global manufacturing.
As these developments unfold, the implications for the local economy in Quang Nam and beyond are substantial. The proposed industrial park is set to generate jobs, stimulate investment, and contribute significantly to the region’s socio-economic landscape.