Sumitomo Corporation - Renewal of agreement regarding the Second and Third Thang Long Industrial Parks with Osaka Prefecture and the Osaka Industrial Bureau
March 18, 2024 at 06:47 am EDT
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Sumitomo Corporation has established the Second Thang Long Industrial Park in Vietnam (located in Hung Yen Province, (hereinafter referred to as 'TLIP II') and Thang Long Industrial Park No. 3 (located in Vinh Phuc Province, hereinafter referred to as 'TLIP III'), we have renewed the agreement (hereinafter referred to as 'this agreement') to introduce specialized support for companies in the prefecture newly moving into Thang Long Industrial Park (located in Vinh Phuc Province, hereinafter referred to as 'TLIP III').
Furthermore, Osaka Prefecture and Sumitomo Corporation concluded an agreement regarding TLIP II in 2018, and TLIP III has been added in response to the growing need for rental factories that can reduce initial investment, especially among small and medium-sized enterprises. is. In addition, with the aim of strengthening support for business development in Vietnam, the Osaka Industrial Bureau, which provides international business support for companies within the prefecture, also participated in the agreement.
Vietnam continues to grow economically, with a GDP growth rate of 6.7% in the fourth quarter of 2024. In addition to a stable political situation and an abundant and high-quality workforce with a population that will exceed 100 million in 2023, Hanoi Metro Line 3 has recently been developed, and existing companies have highly evaluated its social and transportation infrastructure. I am. As of July 2023, the number of Japanese companies operating in Vietnam is 1,990, doubling the number of 867 in 2010, and it is expected that more Japanese companies will continue to expand into Vietnam.
Sumitomo Corporation and Osaka Prefecture have worked together to support companies in the prefecture's overseas expansion through agreements such as First Philippine Industrial Park and TLIP II in the Philippines. TLIP? and TLIP? are already occupied by 8 and 5 companies from Osaka Prefecture, respectively. Since the opening of the Thang Long Industrial Park in 1997, Sumitomo Corporation has supported everything from local administrative procedures such as applying for local permits to subsequent operations, and has provided rental factories for companies in Osaka Prefecture with a background of providing high-quality services to tenant companies. Many companies are also interested in the Osaka Prefecture Industrial Park. As part of this agreement, Sumitomo Corporation is holding the Osaka/Kansai Vietnam Business Seminar in February, and is actively providing information to companies considering business expansion in Vietnam and other Southeast Asian countries. I'm here.
Sumitomo Corporation will continue to make a deep contribution to Vietnam's growing economy and industrial development by supporting the further expansion of companies in Osaka Prefecture into Vietnam.
Sumitomo Corporation is a diversified group organized around 7 areas of activity:
- retail distribution of consumer goods (24.4% of net sales): food products, apparel and accessories, pharmaceuticals, building materials, household and decorative items, etc. The group is also developing a real estate business;
- trading of hydrocarbon, mining, chemicals and electronics products (24%): oil, natural gas, copper, gold, silver, zinc, lead, nickel, coal, iron ore, resins, pesticides, petrochemical products, etc.;
- trading of steel products and non ferrous metals (20%): flat and long steel products, tubular products, aluminum products, titanium, etc.;
- distribution of transportation and construction systems and equipments (15.1%): spatial equipments, landing fields, forest machines, motorcycles, mining operating vehicles, etc.;
- telecommunications and multimedia products and services supplies (8.8%): TV wiring, data communication solutions, film distribution services, mobile telephony, Internet access and computing services;
- development and implementation of civil engineering infrastructures (7.6%): power plants, wastewater treatment units, industrial plants, telecommunications centers, etc. The group is also providing logistics services;
- other (0.1%).
Sumitomo Corporation - Renewal of agreement regarding the Second and Third Thang Long Industrial Parks with Osaka Prefecture and the Osaka Industrial Bureau