The project covers 296 hectares, with total investment capital of nearly VNĐ2.82 trillion (approximately US$108 million). — Photo courtesy of the firm

HƯNG YÊN — Hòa Phát Group on Tuesday broke ground on Phase 1 of Industrial Park No 02 in the northern province of Hưng Yên, marking the development of its first supporting-industry industrial park and third industrial park project in the province.

Located in Yên Mỹ and Việt Tiến communes, the project covers 296 hectares, including 235 hectares in the first phase, with total investment capital of nearly VNĐ2.82 trillion (approximately US$108 million).

Speaking at the event, Chairman of the provincial People's Committee Nguyễn Mạnh Quyền said Hưng Yên posted economic growth of 10.43 per cent in the first quarter of 2026, placing it among the country's four fastest-growing localities.

"Industrial park development remains a key driver for sustaining double-digit growth," he said.

"We encourage the investor to accelerate infrastructure construction, attract secondary investors and bring the project into operation as soon as possible, contributing to the province's socio-economic development."

Hoàng Quang Việt, member of Hòa Phát Group's Board of Directors and chairman of Hòa Phát Urban Construction and Development JSC, said the project came as Việt Nam was increasingly positioning itself as a new manufacturing hub in Asia amid the ongoing restructuring of global supply chains.

"With its strategic location in the Capital Region, improving transport infrastructure and favourable investment environment, Hưng Yên is emerging as one of northern Việt Nam's most attractive industrial destinations," Việt said.

Industrial Park No 02 is expected to become a key component of Hòa Phát's strategy to build a modern industrial ecosystem in Hưng Yên and support the province's ambition to develop into a centre for supporting industries and high-tech manufacturing.

The company plans to begin welcoming investors from September 2026.

The industrial park is strategically located near the Yên Mỹ interchange, providing direct access to both the Hà Nội–Hải Phòng Expressway and the Hưng Yên-Thái Bình Expressway. It is approximately 20km from central Hà Nội, 65km from Nội Bài International Airport, 25km from Gia Bình International Airport and 87km from Hải Phòng's Đình Vũ Port.

Designed as a supporting-industry industrial park, the project will prioritise investment from manufacturers in electronics, telecommunications, precision engineering, automation, semiconductors and other high-value-added sectors.

To support workforce housing demand, Hòa Phát is also developing a worker housing and social housing project in Yên Mỹ Commune, around 5km from the industrial park. The project will provide nearly 9,000 apartments for workers employed in industrial zones across the province.

With the launch of Industrial Park No. 02, Hòa Phát's total industrial land bank nationwide has expanded to more than 2,260 hectares across Hưng Yên, Ninh Bình, Bắc Ninh and Hải Phòng. — VNS