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The first exemplary eco-industrial park

A report from the Department of Planning and Investment of Ba Ria-Vung Tau Province in the first two months of the year showed that the total foreign direct investment (FDI) into the province increased nearly 5.4 times compared to last year, with the locality aiming to attract 2 billion USD of FDI this year. Just Phu My 3 Industrial Park alone in the first quarter of this year has "secured" 4 projects with a total capital of over 550 million USD. Among them are 2 projects from Japan by the Tosoh Group - specializing in basic chemical production and the food production project of investor Showa Sangyo. Additionally, there is an electronic component manufacturing project by BOE Technology Group from Beijing (China), and a project serving accommodation for 10,000 workers by Thanh Binh Phu My Joint Stock Company (Vietnam).

In an exchange with Thanh Nien Newspaper, the leadership of this industrial park disclosed that there are currently 5 investors in the process of completing investment procedures and are expected to be licensed in April and May of this year with a total registered capital of around 425 million USD. These include a project for manufacturing accessories for the garment industry by an investor from Hong Kong; polysilicon production for semiconductor industry products and a kiln production project along with accompanying components from Japan; a project for manufacturing showerheads and bathroom equipment from Taiwan, and a project for manufacturing downstream steel products by domestic investors.

Phu My 3 Specialized Industrial Park is the first exemplary smart-ecological industrial park in Vietnam.

Thus, in the first 5 months of the year, Phu My 3 Specialized Industrial Park is expected to have 9 investors with a total capital of around 975 million USD. "The occupancy rate at Phu My 3 Industrial Park has reached over 80% of the area, mainly with large-scale multinational corporations, utilizing modern technologies from Japan, South Korea, Europe, the United States, Taiwan, mainland China... As of now, the total investment attracted into the industrial park is about 4 billion USD. With the advantage and correct strategic direction, we anticipate that by 2027, when investors complete their procedures, the total investment attracted into Phu My 3 Industrial Park could reach 6.71 billion USD. The average investment attraction rate per hectare of land here is around 9 - 10 million USD/ha for lease," shared a representative from Thanh Binh Phu My Joint Stock Company. 

Since 2019, the People's Committee of Ba Ria-Vung Tau Province has selected PM3 SIP invested by Thanh Binh Phu My Joint Stock Company, to develop an exemplary industrial park. Subsequently, in collaboration with the Japan International Cooperation Agency (JICA), Ba Ria-Vung Tau chose PM3 SIP to develop into an exemplary, smart, eco-industrial park, applying information technology in management and operation. The results of attracting foreign capital to PM3 SIP demonstrate that this choice is appropriate and in line with contemporary trends.

Phu My 3 Industrial Park is the first model industrial park in Vietnam, exemplifying intelligence and eco-friendliness.

The Foreign Investment Agency (Ministry of Planning and Investment) assesses that leading in attracting FDI always involves significant competition. Among them, localities with breakthrough policies, aiming to build sustainable industrial parks according to environmental, social, and governance criteria, leveraging digital operations, have a competitive advantage. A prime example is Ba Ria-Vung Tau Province, which frequently ranks at the top nationwide in attracting FDI and is oriented towards developing industrial parks following the smart-eco model, applying information technology in management and operation.

The planning of Industrial Parks to anticipate the upcoming wave of new investments.

Today, on March 30th, the People's Committee of Ba Ria-Vung Tau Province announced the provincial planning for the period 2021 - 2023, with a vision until 2050 according to Decision No. 1629 approved by the Prime Minister on December 16, 2023. Accordingly, several new industrial parks will be planned and developed to anticipate the upcoming wave of new investments, including Phu My Industrial Park located adjacent to Phu My 3 Industrial Park, with a land use target for Phu My Industrial Park until 2030 being 455 hectares.

In reality, foreign investors are highly interested in sustainable development goals, seeking values related to the environment, society, and governance within the global supply chain. Therefore, developing industrial parks based on new models such as high-tech industrial parks, and eco-industrial parks... will be a great opportunity to attract "eagles" with a green development orientation, aiming to protect the environment...

A representative from Thanh Binh Phu My Joint Stock Company stated: With an occupancy rate of over 80%, the company is submitting documents to the competent authorities to approve the expansion plan of PM3 SIP with an additional area of approximately 455 hectares adjacent to the existing area. The goal is to build a comprehensive, complete industrial park system that meets international standards, comparable to industrial parks in other countries in the region. "With the advantages of the locality, the existing infrastructure connections of Phu My 3 Industrial Park, balancing the investment capacity of industrial parks, attracting high-quality factories and supporting industries such as seaport logistics... we are fully capable of achieving sustainable development goals and increasing budget contributions to the locality," the representative confidently asserted.

An aerial view of Phu My 3 Specialised Industrial Park

Particularly, with existing experience in investment development, professional management, and operation, as well as the capacity for promoting foreign investment, representatives of Phu My 3 Industrial Park affirm that they fully meet the demanding requirements of Japanese investors regarding infrastructure quality meeting international standards, and professional one-stop services... to anticipate the new investment wave in the province in particular and Vietnam in general.

Supporting this model, Dr. Phan Huu Thang - Interim Chairman of the Vietnam Industrial Parks Association (VIPFA) - believes that selecting Phu My 3 Industrial Park for the development of an exemplary industrial park by Ba Ria-Vung Tau Province is the right strategy. The project's cooperation with Japan ensures confidence in quality as well as green criteria, circular, smart, modern criteria... In the current trend of sustainable development, eco-industrial park models are necessary.

According to Dr. Phan Huu Thang, the exemplary industrial parks in Ba Ria-Vung Tau are not only models for the locality but also models for other localities to refer to and apply. However, Dr. Thang acknowledges that building such an exemplary industrial park is not simple because it requires significant costs to address environmental issues and develop synchronized infrastructure. Phu My 3 Industrial Park in Ba Ria-Vung Tau is a flexible investment form, finding support from developed countries to invest, specifically from Japan.

"Japan is a developed country with a modern industry, with experience in building green industrial parks... they will be consultants, supporting the selection of the best investors for the locality. More importantly, expanding cooperation and developing regions with influential industrial parks equivalent to modern industrial parks in the region. That is the basis for attracting foreign capital into eco-industrial parks in particular and into Vietnam in general," Dr. Thang remarked.

Phu My 3 Specialized Industrial Park was approved by the Prime Minister in 2014. The initial orientation of the investor - Thanh Binh Phu My Joint Stock Company - was to develop the industrial park in the direction of eco-industry, promoting green industrial development capable of deep integration into the global production network and industrial value chains based on the locality's potential and advantages as well as creating industrial linkages with existing industrial parks in Ba Ria-Vung Tau Province. Therefore, investors here from the outset had to meet standards for sustainable development, environmental friendliness, eco-friendliness, and develop a symbiotic industrial model without needing to undergo the transition steps to achieve eco-industrial parks and green industrial parks as currently stipulated.”