Phase one of the project received in-principle approval from the Thanh Hoa People’s Committee in May 2025, with Thang Long Thanh Hoa Industrial Park Co. Ltd., a Sumitomo subsidiary, as the developer.

The first phase covers around 167 hectares in the former Thanh Hoa town and Trieu Son district, with total investment of 2.92 trillion dong ($110.7 million) and a 50-year operating term.

Once completed, the site is expected to attract 50-250 tenants to build manufacturing facilities, with cumulative foreign direct investment (FDI) estimated at $2-8 billion.

Provincial leaders recently inspected the project area and requested faster approval of compensation and land clearance plans for affected households. Thanh Hoa authorities aim to hand over the site to the investor in time for construction to begin in early Q1/2026.

Sumitomo’s footprint in Vietnam

Sumitomo is a prominent FDI enterprise in Vietnam, having invested in many diverse fields, including residential real estate, urban railways, industrial parks (IPs), thermal power plants, and logistics.

Beyond Thanh Hoa, Sumitomo is the developer of the Thang Long industrial parks in Hanoi, Hung Yen and Phu Tho, which have attracted more than $6 billion in investment and created about 100,000 jobs.

Thang Long Industrial Park in Hanoi. Photo courtesy of the developer - Thang Long Industrial Park Corporation (TLIP).

Sumitomo is also involved in Ho Chi Minh City’s Metro Line 1 as EPC contractor for Package 2, and has served as general contractor for the Pha Lai and Duyen Hai 3 Extension thermal power plants.

In energy, the group inaugurated the 1,432 MW Van Phong 1 BOT coal-fired power plant in Khanh Hoa province in 2024, a project worth $2.58 billion and the largest FDI project in the province.

Sumitomo, together with EDF and JERA, also co-invested in the 715 MW Phu My 2.2 BOT thermal power plant, which was handed over to state utility EVN in early 2025 after 20 years of operation.

In 2025, Sumitomo has made its first hydropower investment in Vietnam by acquiring a 49% stake in Mekong Electric Power Engineering and Development JSC which owns the 48 MW Dak Di 1 & 2 run-of-river hydropower project in Danang city.

The Japanese giant announced the acquisition in a release on October 22. The stake was purchased from the Lao Cai province-based GreenSpark Group, a domestic renewable energy developer.

Its largest ongoing real estate project in Vietnam is the $4.2 billion North Hanoi Smart City, a joint venture with Vietnam’s BRG Group.

The project, launched in August 2025 in the former Dong Anh district, Hanoi, covers nearly 272 hectares and is being developed in five phases through 2032. A 108-storey financial tower - set to become Vietnam’s tallest building - will serve as the project’s centrepiece.