The provincial people’s committee recently signed a memorandum of understanding with investors on infrastructure construction for the bio-pharma IP which will be built in Quynh Phu District in a total area of 345.9ha covering parts of the four communes of An Vinh, Quynh Xa, Quynh Trang and Dong Hai. With the total investment of VND3.65 trillion, the IP is expected to attract US$2 billion of investment (US$800 million in the 2024-2027 period, and US$1.2 billion in the 2028-2030 period). The project’s investors include Makara Capital Partners, Sakae Corporate Advisory (Singapore), and Newtechco Group Joint Stock Company.In the period from 2023 to the third quarter of 2024, legal proceedings will be completed for the IP’s planning as well as the project’s investment and site clearance compensation plans to be approved; from the fourth quarter of 2024 to 2027, compensation for site clearance will be expedited and construction of the IP infrastructure will begin. The IP is expected to be filled up with investment projects by 2030, contributing to the development of Vietnam’s pharmaceutical industry and Thai Binh’s socioeconomic growth.Deputy Minister of Health Do Xuan Tuyen said this is one of Vietnam’s first two projects to be developed according to the Prime Minister’s Decision 376/QD-TTg approving the development program for the pharmaceutical industry and domestically produced herbal ingredients until 2030, with a vision to 2045. He praised the efforts of Thai Binh Province’s Party Committee and the local government in studying the bio-pharma IP project and choosing a suitable location for it. The IP’s location in Quynh Phu District is favorable for its transport connection with seaports in Hai Phong, Noi Bai International Airport, and Thai Binh Economic Zone. The project’s site mostly consists of agricultural land, which is also a favorable condition for site clearance.At a recent meeting on the project’s progress, held by the Ministry of Health and the Thai Binh Provincial People’s Committee, Chairman of the committee Nguyen Khac Than said that the province will expedite work related to site clearance in the fourth quarter of 2023 and the first quarter of 2024 so that the project can be developed as soon as possible, creating a safe and favorable environment for investment in Vietnam’s first bio-pharma IP.Thai Binh Province has added this project to its development plan for the 2021-2030 period, with a vision to 2050, and submitted to the Prime Minister for approval. The province has also reported to the Ministry of Natural Resources and Environment additional land allocations for IP development in the 2021-2025 period and until 2030. The locality has created favorable conditions for investors to explore the possibilities of investing in the IP. The local government has provided financial support for making the construction zoning plan at the scale of 1/2,000. (ICE HO CHI MINH CITY)

Fonte notizia: Vietnam Economic News