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Vietnam begins $520m industrial park amid national prosperity drive

Vietnamese prime minister Pham Minh Chinh pictured with US Secretary of State Antony Blinken in May (US State Department/Public Domain)
Vietnamese prime minister Pham Minh Chinh pictured with US Secretary of State Antony Blinken in May (US State Department/Public Domain)

Work has begun on a 10-sq-km industrial park in Vietnam’s southern province of Binh Thuan, the Vietnam News agency reports.

Prime Minister Pham Minh Chinh attended the groundbreaking ceremony in Ham Tan District on Friday.

When complete in 2025, the $520m park will serve sectors ranging from building materials to food processing.

It will have two 450MW gas-fired power plants and a 100ha port to import liquified natural gas.

Developing the park is a special purpose vehicle called the Son My Industrial Park Investment Construction and Trading Infrastructure Company. 

Speaking at the ceremony, Prime Minister Chinh said the park, which will become one of the largest in the country, would play a part in making Vietnam into an upper-middle income country by 2030 and a developed country with a high per capita income by 2045.

Vietnam hopes to achieve those goals by investing in the digital transformation of existing industries, the digital economy, green energy, circular economy principles and adaption to climate change.

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