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Singapore’s COT Group to expand investment in Hung Yen 

 Saturday, June 3,2023

AsemconnectVietnam - COT Group, one of Singapore's major corporations in the field of electronic and electro-optical technology, has a plan to expand investment in Thang Long Industrial Park II in the northern province of Hung Yen, the group's representative announced on May 31 at a working session with the provincial People’s Committee.

The representative said that after the survey, the group chose Hung Yen as a location for its investment expansion. According to the plan, in the first phase, the group will lease more than 6 ha of land in the industrial park to invest in an electronics, optoelectronics, and virtual reality project which is expected to start in November 2023.

In the next five years, the group will expand its investment scale with a land use demand of about 20 ha and a total investment capital of about 500-800 million USD.

To serve its production, the group will use the most advanced equipment in the production line.

In the immediate future, the group wants to learn about the investment environment, legal procedures, and preferential policies of the province in land leases.

At the meeting, Vice Chairman of the provincial People's Committee Nguyen Hung Nam said that the province pays great attention to creating favourable conditions for investors.

He affirmed that the province will accompany the group in the investment process. The provincial authorities will ask sectors and localities to coordinate with the COT Group and the investor of the Thang Long Industrial Park II to urgently complete legal procedures.

As soon as the infrastructure investor of the Thang Long Industrial Park II fulfills its financial obligations, the province will issue a certificate of land use rights for the expanded area in the industrial park, Nam said.

The Thang Long Industrial Park II, located in Yen My district and My Hao township, currently has advantages for investors of high-tech projects. To create favourable conditions for businesses, over the past time, Hung Yen province has focused on reforming administrative procedures, improving the quality of human resources, developing transport infrastructure, power grids, and offering preferable mechanisms for investors.


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