Foreign investors plan to put US$10 billion in a pharmaceutical park in Vietnam

, Foreign investors plan to put US$10 billion in a pharmaceutical park in Vietnam

On February 15, the authorities of Vietnam’s Hai Duong Province worked with Indian investors on a plan to develop a pharmaceutical park in this northern province, with a total investment of US$10-12 billion,

According to the report from the Saigon Times, through Vietnamese Ambassador to India Pham Sanh Chau, representatives of India’s Sri Avantika Company on January 26 this year visited Hai Duong and worked with the provincial government to conduct a survey to develop the project.

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Sri Avantika Contractors Limited Company is among India’s leading developers of pharmaceutical and hi-tech parks. It, along with the Dai An Urban-Industrial Zone Development Corporation, signed a deal to build and establish pharmaceutical firms in Vietnam.

After surveying a number of locations in Vietnam and considering the advantages of each place, the Indian investors decided to develop the pharmaceutical park in Hai Duong. They suggested building the facility in the districts of Gia Loc, Thanh Mien and Binh Giang, with the total project area reaching some 960 hectares.

The investors said, the proposed location is convenient as it is connected with the Hanoi-Haiphong Expressway and is close to the capital city of Hanoi and the Haiphong Port. The project is located in a zoned area that can be approved by the government and developed into a specialized economic zone with many investment incentives.

Speaking at the working session, Pham Xuan Thang, secretary of the provincial Party Committee and chairman of the provincial government, said the project fits the province’s development orientations. The province pledged to provide optimal support to the investor to execute the project, the Saigon Times reported.

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