The 308-hectare Ba Thien 2 project is owned by Vina-CPK Company Ltd, a joint venture between VNI and CPK Vinh Phuc JSC. Ba Thien 2 is in Vinh Phuc province, 50km from Hanoi and near to Noi Bai International Airport and the seaports at Haiphong and Cai Lan.
VNI holds a majority stake in Vina-CPK Company Ltd, which was granted an investment licence in February 2009 for the Ba Thien 2 project.
Phase 1 comprising 65 hectares was handed over to Vina-CPK in January 2011. Compensation of an additional 50ha is in progress and is expected to be completed in June 2011. Vina-CPK has signed one tenant for a 20ha parcel, and negotiations are underway with other potential tenants.
Commenting on the project’s development progress, Tony Hsun, managing director of VNI’s investment manager, said: “We are very pleased with the progress of the Ba Thien 2 project, which we believe will stand as a model for industrial park development in northern Vietnam. The project is strategically located and will benefit from the continued arrival of multinational companies in Vietnam, including those migrating from plants in China to take advantage of Vietnam’s lower costs.”
VNI also holds a majority stake in the Long An SEA Industrial Park and Seaport project in southern Vietnam. The fund also invests in telecommunications, transport, power, logistics and agriculture-related infrastructure.
VIR