Thai IP developer NHA okayed to construct $41 mln business park in central Vietnam

The Vietnamese government has granted in-principle approval to WHA, Thailand’s leading industrial park (IP) developer, to build a 183.4-hectare industrial zone in the central province of Nghe An.

Under Deputy Prime Minister Bui Thanh Son’s decision signed on Tuesday, the NHA Industrial Zone 2-Nghe An will be located in Nghi Hung and Nghi Dong communes, Nghi Loc district.

Out of the total investment of VND1.2 trillion ($47.14 million), the Thai developer will contribute VND216 billion (around $8.5 million).

WHA boasts over 30 years of experience in developing industrial parks. The company’s industrial estate business in Vietnam currently spans 3,650 hectares of operational and under-construction industrial zones, including the operational WHA Industrial Zone 1 in Nghe An which covers 500 hectares.

The company plans to build a smart and eco-friendly industrial park in the northern province of Hung Yen and is looking to expand with three new industrial parks in Thanh Hoa and Quang Nam provinces, covering a total area of 1,550 hectares.

Earlier this month, in an interview with CNBC’s Access ASEAN program, WHA Corporation CEO and chairperson Jareeporn Jarukornsakul commented that Vietnam is the “best destination” for relocation from China to Southeast Asia amid the “trade war” (between China and the U.S.).

Jarukornsakul highlighted labor as a core strength of Vietnam. Vietnam’s labor cost is “cheaper” than that in Thailand. The Vietnamese people are active and young, in comparison to Thailand, she noted.

The Southeast Nghe An Economic Zone Authority recently granted an investment certificate to Mega Textile Singapore Private Limited for the Mega Textile – Vietnam project.

The project will be developed on more than 51.18 hectares in the Tho Loc Industrial Zone (VSIP Nghe An 2) in Dien Tho commune, Dien Chau district. This is the largest-ever FDI project in Nghe An, with total investment exceeding VND14.78 trillion (around $590 million).

Nghe An has ranked among the top 10 provinces in Vietnam for FDI attraction for three consecutive years, registering nearly $1.7 billion in 2024.