Sumitomo Corporation breaks ground on its fourth industrial park in Thanh Hoa Province — USD 115.8 million investment

On March 11, 2026, Sumitomo Corporation held a groundbreaking ceremony for phase 1 of its new industrial park, "Thang Long Thanh Hoa Industrial Park," in Thanh Hoa Province in central Vietnam. It is a large-scale project with total investment of about USD 115.8 million and a site area of 167 hectares.

Project overview

Thang Long Thanh Hoa Industrial Park is Sumitomo Corporation's fourth industrial park in Vietnam. The company already develops and operates industrial parks in Hanoi (Thang Long I), Hung Yen Province (Thang Long II), and Phu Tho Province (Thang Long III), and this entry into Thanh Hoa expands its footprint from around Hanoi into central Vietnam.

Attracting high-tech and support industries

The industrial park plans to target high-tech companies and manufacturing support industries as its main tenants. For Japanese manufacturers considering shifting production to Vietnam under a China-plus-one strategy, an industrial park under the Sumitomo brand offers a highly reliable option. Tenant applications are scheduled to open with a target of the end of 2026.

The appeal of Thanh Hoa Province

Thanh Hoa Province is located in north-central Vietnam and has a population of about 3.7 million, the third-largest in the country. It lies about 150km south of Hanoi, roughly 2.5 hours away by expressway, and offers an abundant workforce along with labor costs lower than around Hanoi. In recent years, industrialization has advanced rapidly, and the province has been designated by the government as a key development region under the Thanh Hoa Economic Zone (TTKZ).

Sumitomo Corporation's industrial park strategy in Vietnam

Sumitomo Corporation has developed industrial park operations in Vietnam for more than 30 years. Thang Long I (Hanoi) opened in 1997 and has a track record of hosting more than 170 companies, mostly Japanese. The infrastructure quality, administrative support, and tenant services built up through this long operating experience form the competitiveness of the "Thang Long brand."

A receiving base for China plus one

For Japanese manufacturers considering shifting production out of China, Vietnam is the most promising alternative location. Sumitomo Corporation's industrial parks provide Japanese-speaking staff, infrastructure of Japanese quality, and one-stop administrative support, significantly lowering the barrier to entry for companies entering Vietnam for the first time. As industrial parks around Hanoi approach full occupancy, the new industrial park in Thanh Hoa is set to serve as a new receiving base.

Outlook

Phase 1 of Thang Long Thanh Hoa Industrial Park covers 167 hectares, but room for future expansion has also been secured. Backed by the Vietnamese government's industrialization policy and the tailwind of China plus one, Sumitomo Corporation's industrial park business in Vietnam is expected to keep expanding.

If you are interested in setting up a manufacturing base in Vietnam, Please get in touch with SoJapan. Da Nang's push to attract high-tech industry and the new phase of Japan-Vietnam cooperation please also take a look at these.