WHA Industrial Development Signs MoU To Develop 2 Industrial Zones in Thanh Hoa Province, Vietnam

BackDec 25, 2020

The two projects represent a total gross area of nearly 1,200 hectares; construction is scheduled in 2022 and 2023

Bangkok, December 25, 2020 – WHA Industrial Development Plc., a leading developer of industrial estates in Thailand and Vietnam, has announced the signing of a Memorandum of Understanding (MoU) with Thanh Hoa Provincial People's Committee (Thanh Hoa PPC) for the development of two industrial zones in the province.

Positioning itself to attract high value technology companies, the first project to be named WHA Smart Technology Industrial Zone – Thanh Hoa, will represent a gross area of approximately 600 hectares, plus an additional residential area of 30 to 50 hectares. The second project, to be named WHA Northern Industrial Zone – Thanh Hoa, with a gross area of approximately 540 hectares, will target downstream industries including plastics, rubber, chemical and bio-chemical products, metal fabrication and foundries, building materials, automotive parts, mechanical assembly, appliances and others. Parties will immediately commence the necessary process for obtaining the projects' licenses and approvals, with construction expected to commence in 2023 and 2022, respectively.

With a population of 3.6 million people, the third largest province in Vietnam, and a labor force of 2.3 million, Thanh Hoa is situated in Vietnam's North Central region. Its proximity with the capital city of Hanoi and Haiphong benefits the province in terms of connectivity, logistics infrastructure and access to Hanoi international airport and the Lach Huyen Deep Sea Port.

"We are delighted to embark on this promising partnership with Thanh Hoa Provincial People's Committee" said Ms. Jareeporn Jarukornsakul, Chairman and Group Chief Executive Officer, WHA Corporation PCL. "Within the past years, Vietnam has become an important industrial and manufacturing base in ASEAN. This MoU confirms that it is now a destination of choice for international investors in various industries, including high-value technology businesses. This will result in a new landscape of synergies and promising opportunities for WHA."

Mr. David Nardone, Group Executive Industrial and International and Vice-Chairman of WHA Corporation PCL, commented: "This WHA Thanh Hoa PPC MOU will reinforce our presence and growth strategy in Vietnam. The 2 WHA projects present location advantages to target specific market opportunities. The first project, with its 12-kilometer proximity to the Province main city and available educated workforce, will capture demand from high value technology companies. The second project, located near the well-established Nghi Son petrochemical complex, will further enable the integration of the petrochemical and metal supply chains."

"We are very pleased to partner with WHA Industrial Development for these two exciting projects" declared Mr. Mr. Nguyen Van Thi Vice Chairman of Thanh Hoa Provincial People's Committee. "In addition to its existing industrial base in the petrochemical sector, with the Nghi Son petrochemical complex, and the highly developed Nghi Son Deep Seaport, our province definitely has the tremendous potential to attract other industries. We look forward to opening our doors and to creating new jobs for our communities," he added.

WHA Industrial Development started developing WHA Industrial Zone 1 – Nghe An three years ago. An initial area of 143.5 hectares, as part of a 498-hectare Phase 1, was completed and will be expanding further while attracting its first customers from China, Japan, Thailand and Vietnam in various industrial sectors such as building materials, electronics, food processing, solar energy and steel.