KBC puts roots down in Quang Ninh

Leading property developer Kinh Bac City Development Shareholding Co last week started building a large-scale industrial park in northern Quang Ninh province.

To cover 700 hectares, Phuong Nam Industrial Park will be situated adjacent to economic hubs of Hanoi and Hai Phong, about 80 kilo metres from Noi Bai airport and 40km from Hai Phong port.

Dang Thanh Tam, president of Kinh Bac City Development Shareholding Corp (KBC) – which is listed on the Ho Chi Minh Stock Exchange, said the company would invest 1.1 trillion dong ($53.8 million) in the industrial park, which was scheduled to be completed in 36 months.

“We are expecting to draw $1-2 billion in foreign direct investment capital into the park and create 50,000 jobs.

With Phuong Nam, we are able to establish a chain of KBC’s industrial parks to satisfy the needs of foreign investors who have been working with our company,” Tam said.

KBC is the developer of the 650ha Que Vo Industrial Park in northern Bac Ninh province, which was built in 2003 and has provided manufacturing bases for almost 70 domestic and foreign investors. Que Vo’s biggest tenants are Canon and IT manufacturers such as Foxconn, Tyco and Mitac.

In April 2006, KBC built Quang Chau Industrial Park covering 426ha in neighbouring Bac Giang province, about an hour’s drive from Hanoi, so as to offer manufacturing space for hitech investors. The park is now home to Sanyos factory that is able to supply the international market with 700 million optical pick-up used in electric products per year – or 10 percent of the global demand for the units.

Two weeks ago, KBC gained Bac Ninh government approval to replace ill-fated IGS Capital Group to build the 600ha Nam Son-Hap Linh Industrial Park and Township capitalised at $240 million in the province.

The South Korean firm has delayed the projects since it received an investment certificate in October, 2008 as a result of financial constraints.

VIR

Tags: Phuong Nam Industrial Park, Vietnam Industrial Parks