Phu Binh will span 675 hectares across Phu Binh, Tan Hoa, and Kha Son communes. The first phase will cover 190 hectares.

The industrial park is strategically located along the planned Ring Road No. 5 connecting Thai Nguyen to Hanoi as well as neighbouring Hai Phong city, Phu Tho, Ninh Binh, Hung Yen, and Bac Ninh provinces.

It lies about 10 km from the Hanoi-Thai Nguyen Expressway, 40 km from Hanoi's Noi Bai International Airport, and 130 km from Hai Phong port, positioning it to serve both domestic and export-oriented manufacturers.

The project has a 50-year operating term from the date of investment approval, with construction scheduled to be completed within 60 months from land handover.

The industrial park is planned as a manufacturing and logistics hub for Vietnam’s northern midland and mountainous region, targeting high-tech industries, processing and manufacturing, energy production, and new materials.

The project is expected to support Thai Nguyen province’s industrialization strategy by leveraging its proximity to Hanoi and key transport corridors.

Local authorities say the industrial park has already attracted interest from foreign investors, supported by corporate income tax incentives for projects in disadvantaged areas, land rent exemptions, and streamlined administrative procedures.

Thai Nguyen, 80 km from Hanoi, is home to Samsung Electronics Vietnam Thai Nguyen (SEVT) plant, which recorded a profit of KRW2 trillion ($1.37 billion) on a revenue of KRW29.04 trillion ($19.82 billion) in January-September, down 0.46% but up 10% year-on-year, respectively.

The province has 12 industrial parks, including six operational ones attracting 188 foreign-invested projects worth over $11 billion in total, according to provincial authorities.

Bac Kan and Thai Nguyen provinces were merged in July to form the new Thai Nguyen which neighbors Bac Ninh, Cao Bang, Lang Son, Phu Tho, Tuyen Quang, and Hanoi.

On the Ho Chi Minh Stock Exchange (HoSE), Kinh Bac City Development shares KBC closed Friday at VND34,300 ($1.3) apiece.