Amata maps out $2bn Quang Ninh complex
Amata maps out $2bn Quang Ninh complex
Thailand’s Amata Corporation has taken a big step toward developing a $2 billion hi-tech park and township complex in Quang Ninh province.
Nguyen Van Doc, chairman of Quang Ninh People’s Committee, said the provincial committee had agreed to allow Amata Corporation Public Company and its domestic partner, Tuan Chau Au Lac Limited, to implement feasibility study of this project on a 500ha site in Quang Yen district.“We consider Amata as a long-term investor and we also want Amata to consider Quang Ninh as a strategic investment destination. Thus, we will support them [Amata and Tuan Chau] to develop this project,” said Doc.
According to Amata’s proposal, the hi-tech park and township complex comprises a green industrial park, residential urban area, sport facilities, convention centre, schools and university and entertainment facilities.
Bordering Lang Son, Bac Giang, Haiphong and Hai Duong provinces and Chinese Guangxi province, Quang Ninh is now the third largest economic hub in northern Vietnam, after Hanoi and Haiphong. It is also home of the largest coal mine in the country and the Cai Lan deep-seaport.
The government sees Quang Ninh as part of the pivotal economic development triangle of Hanoi-Hai Phong-Quang Ninh in the north of Vietnam, that would drive economic development in the northern region.
If Amata’s project was built in Quang Ninh, it would help attract more foreign investment to the province, Doc said.
This project also shows Amata’s ambition to expand its investment in Vietnam through the development of large-scale industrial and urban property project.
Penetrating Vietnam in 1994, Amata now owns a 700ha industrial park Amata Bien Hoa City in southern Dong Nai province. This is a well-known industrial park in Vietnam where attracted over 120 multinational companies to set up investments.
The Thai developer last year announced a plan to develop a giant Amata Express City project in Dong Nai, which is almost double the of Amata City. The project comprises a 760ha new urban area next to the river, a 420ha high-tech industrial area and a 105ha new urban area.
In a bid to expand in Vietnam, Amata early this year decided to list its subsidiary, Amata Vietnam, on the Stock Exchange of Thailand and raise funds to invest in the expansion of its business in Vietnam.
“Amata Vietnam’s industrial estate is considered a premium project, which attracts many high-end clients, especially foreign manufacturing companies. The company plans to utilise the IPO proceeds to develop a new industrial estate [Amata Express City], which is now under approval process from the authority,” Amata said in an announcement.
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