Du Long Industrial Park to Successfully Attracts Over VND 2,400 Billion
With many outstanding advantages, an industrial park (IP) in Ninh Thuan province has become an attractive destination for both domestic and foreign investors, successfully attracting VND 2,421 billion within just two years.
“Thousands Billions dong” industrial park project but was inactive for years
Originally known as an “abandoned” industrial park for over 14 years, Du Long Industrial Park (“Du Long IP”), covering 407.28 hectares, was licensed in 2008 but faced numerous challenges and remained undeveloped despite changing ownership three times.
Du Long IP was added to the industrial planning of Ninh Thuan province by the Prime Minister’s Decision No. 256/TTG-CN on March 13, 2005, and established by the Provincial People’s Committee’s Decision No. 3848/QD-UBND on June 30, 2008. In 2007, the Hoa Chen Long Duc Phong – Hoang Quan Joint Venture Company was granted an investment certificate by the Ninh Thuan Provincial People’s Committee, becoming the first investor of Du Long IP. Despite its groundbreaking in 2008, the project saw the withdrawal of Hoang Quan Real Estate Company one year later. In 2011, the project completed the transfer of capital to the Hoa Chen Long Duc Phong Group. Yet, the project remained “lifeless” with over 407 hectares of land left abandoned.
New Leadership Revitalizes Du Long IP
By the end of 2017, Hoa Sen Du Long IP Infrastructure Investment Company took over Du Long IP but also failed to implement the project as promised. In 2021, Mr. Su Dinh Vinh, Head of the Ninh Thuan IP Management Board, confirmed that despite multiple extensions and commitments, the occupancy rate of Du Long IP was 0% after 14 years. The IP lacked infrastructure and thus could not attract secondary investors. Based on information from the Ninh Thuan IP Management Board, the project was successfully adjusted for the fourth time, with changes in the investor’s name.
Transformation of Ninh Thuan into an Investment Hub
Over the past two years, Du Long IP has attracted five major businesses with a total investment capital of over VND 2,400 billion. This investment has significantly contributed to economic growth and created nearly 4,000 jobs for local residents. Currently, Du Long IP and Thanh Hai IP are leading in attracting investment capital in the province in 2024. Thanh Hai IP, established by Decision No. 1409/QD-UBND on June 25, 2015, has attracted a total investment capital of 2,622 billion VND with nearly 22 registered projects over approximately 10 years of development.
Significant Projects in Du Long IP
Du Long IP is witnessing strong growth through the attraction of major projects, including:
- The Ninh Thuan Dyeing Project with a total investment of 637 billion VND, contributing to the textile supply chain within the IP.
- The HD Central Steel Project with an investment of 750 billion VND, which is a significant step towards enhancing the competitiveness of Vietnam’s steel industry in the international market.
- The Hoang Thanh Do Luong Garment Factory with an investment of 500 billion VND, aiming to produce apparel for the domestic market and export.
- The Innoflow NT stuffed toy production Project, with an investment of 384 billion VND, producing high-quality, internationally-standard toy products.
Green Supply Chain Development
Understanding and capturing the global green economy trend, Du Long IP is researching and integrating up to 20% of renewable energy into the total electricity supply. This not only demonstrates environmental responsibility but also opens up new business opportunities for investors.
The IP plans to allocate up to 10% of its area for green space and water bodies, dedicated to wind and rooftop solar projects. This transformation complies with the new regulations in Decree 80/2024 on renewable energy usage and self-consumption, affirming Du Long IP’s commitment to providing a modern and environmentally-friendly working environment.
Attracting Textile and Apparel Supply Chain
In the textile and apparel sector, which has high demands for human resources and supply chains, Du Long IP is attracting the production chain of yarn, fabric, recycled fabric, and faux fur. The IP has successfully attracted the yarn and dyeing project of Suedwolle Group (Germany) and signed a cooperation agreement for the development of a faux fur production plant with the consortium of Daewon CO., LTD (Korea) – MNInter-Fashion LTD (Japan) – Pairavi Enterprises V1 LLC (USA). With reasonable labor costs, favorable geographical location, and a stable investment environment, Du Long IP can attract skilled labor from nearby areas, thereby forming a substantial and quality workforce.
Based on information from the Ninh Thuan IP Management Board, the project was adjusted for the fourth time to become Hoang Thanh Du Long Industrial Park Investment Joint Stock Company. The company owning the Du Long IP project is Hoang Thanh Infrastructure Investment and Development Joint Stock Company, a real estate development company based in Hanoi that has implemented many large-scale commercial and residential projects in the capital.
