Hung Yen (VNA)♛ – COT Group, one of Singapore's major corporations in the field ofelectronic and electro-optical technology, has a plan to expand investment inThang Long Industrial Park II in the northern province of Hung Yen, the group's representative announced on May 31 at a working session with the provincialPeople’s Committee.

The representativesaid that after the survey, the group chose Hung Yen as a locationfor its investment expansion. According to the plan, in the first phase, thegroup will lease more than 6 ha of land in the industrial park to invest in an electronics, optoelectronics, and virtual reality project which is expected tostart in November 2023. In the next fiveyears, the group will expand its investment scale with a land use demand ofabout 20 ha and a total investment capital of about 500-800 million USD. To serve its production, the group will use the most advanced equipment in theproduction line. In the immediatefuture, the group wants to learn about the investment environment, legalprocedures, and preferential policies of the province in land leases. At the meeting, Vice Chairman of the provincial People's Committee Nguyen Hung Nam saidthat the province pays great attention to creating favourable conditions forinvestors. He affirmed thatthe province will accompany the group in the investment process. The provincialauthorities will ask sectors and localities to coordinate with the COT Group andthe investor of the Thang Long Industrial Park II to urgently complete legalprocedures. As soon as the infrastructure investor of the Thang Long Industrial Park II fulfills its financial obligations, the provincewill issue a certificate of land use rights for theexpanded area in the industrial park, Nam said. The Thang Long Industrial Park II, located in Yen My district and My Hao township, currently hasadvantages for investors of high-tech projects. Tocreate favourable conditions for businesses, over the past time, Hung Yenprovince has focused on reforming administrative procedures, improving thequality of human resources, developing transport infrastructure, power grids,and offering preferable mechanisms for investors./.