Japanese general trader Marubeni Corporation announced Wednesday (June 12) that it was participating in developing and operating an industrial park in Vietnam, which is run by a subsidiary of the Thai industrial developer Amata Corporation. 

In a statement on its website, Marubeni said that it had acquired a 20% stake in the Amata City Ha Long Industrial Park, located in Quang Ninh province in the country's north, from Amata VN for VND 271 billion ($10 million). 

Nikkei reported that the company intended to expand its industrial park operations in Vietnam. The country's economic stability and high growth rate attracted attention from manufacturers, perhaps as compensation for the government's crackdown on corruption in its own ranks and from big corporations in the country.

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Marubeni Invests in Further Development of Ha Long

The Ha Long Industrial Park was established in 2018. Its 714-hectare land is planned to be developed in five phases, with the first already completed and the second and third underway. 

According to a Marubeni spokesperson, land slot sales will continue over the next few years. The park is also planning to offer services for green and digital transitions, like installing rooftop solar panels. 

Some of the key industries that established facilities in the park include electronics, automotive, and machinery. In particular, electric vehicle manufacturer Foxconn invested $250 million last year in its operations in the park.

Marubeni added that the site is well connected via highways to China and the Port of Haiphong, which would facilitate the import of raw materials and the export of finished products. The site is also connected to a deep-sea port, an international airport, and even the Vietnamese capital, Hanoi.

The area is also expected to compete with Hanoi and Ho Chi Minh City in terms of labor and land costs. 

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