During the meeting, prominent Indian investors, including SMS Pharmaceuticals Ltd. and Vietnam's Dai An Group, reviewed the proposal and authorised a location for the development.

SMS is one of the leading pharmaceutical manufacturing companies in India, with world-class facilities and a business presence in over 70 countries.

Pham Xuan Thang, member of the Party Central Committee and Secretary of the Hai Duong Party Committee highly appreciated SMS' ambition to tap into the world’s pharmaceutical industry by partnering with Hai Duong.

“With a raft of incentives and infrastructure, Hai Duong is fully prepared to welcome international investors, particularly in high-tech sectors. In addition, the province’s abundant labour supply, fair rental prices, and administrative procedural improvements are all recognised assets that aid in luring high-profile foreign investors,” he said.

In late 2021, Dai An Group and Sri Avantika Contractors Ltd., (India) signed an MoU to work on the infrastructure of India’s venture in Vietnam.

Truong Tu Phuong, chairwoman of the Board of Directors of Dai An Urban and Industrial Park Development Investment Group JSC, emphasised her confidence in how Hai Duong could aid the exceptional development plan of SMS Pharmaceuticals.

“After conducting a thorough inspection of a variety of areas in Vietnam and weighing the merits of each location, SMS Pharmaceuticals has picked Hai Duong as the ideal location,” she added.

Thanh Mien and Binh Giang districts are identified as strategic sites for the Indian investor, with a combined 960 hectares.

During the meeting, Hai Duong province thoroughly addressed all of the Indian investors’ requests and any concerns. The provincial officials also vowed to put the strategic plan into action.

A variety of subjects were discussed, including construction materials, renewable energy sources, a one-time land rental payment, site clearing, and legal issues.

The park is expected to be worth $1 billion and one of the largest foreign investment projects in Hai Duong to date.

Shri Ramesh Babu Potluri, chairman of SMS, underlined that the forthcoming project in Hai Duong province would be a prime location for the world's most renowned pharmaceutical corporations.

“With vast potential and advanced technology, export markets for Hai Duong’s pharmaceutical products would not be confined to a small geographic area, but would also include several developed economies such as the US, Japan, and the EU," he added.

Hai Duong is also proposing the formation of an economic zone in the surrounding area to offer a range of incentives. In conjunction with this, the province is constructing two additional roads connected to Hanoi-Haiphong Expressway in Binh Giang and Thanh Ha districts, which will alleviate traffic congestion.