In addition to the three industrial estates in Vietnam, Amata VN, a subsidiary of Thailand’s Amata Corporation, is exploring the plan of establishing a fourth industrial location in Quang Tri province, in central Vietnam, on 112 hectares, said Somhatai Panichewa, president and CEO of Amata VN.

The company is teaming up with Japanese and Singaporean companies to conduct a feasibility study requested by the Vietnam government, said Panichewa in an interview with Bangkok Post.

Founded in 1994, Amata VN was the first foreign industrial developer in Vietnam, with three industrial parks in Amata City Bien Hoa and Amata City Long Thanh in the south, and Amata City Halong in the north of the country.

“The Vietnam government is calling for overseas companies to expand and invest, especially in Quang Tri, the poorest province in the country,” Panichewa was quoted by the Bangkok Post as saying. “The government expects to bring new investment flow into the central region to create jobs.”

Somhatai said the province can connect the northern and southern regions in Vietnam.

“Further details are expected to be concluded this year,” she said. “Amata VN projects a new industrial estate based on a township concept, a combination of manufacturing, commercial and residential zones.”

She said the project will be a green industrial estate in line with the Vietnam government’s policy of eco-friendly industrial development.

Somhatai added Vietnam is the fastest-growing economy in Southeast Asia with annual GDP growth of 6-8%.

“Vietnam is an attractive country in terms of foreign direct investment, as government incentives include free leases for land,” she said.

The government is developing a new international airport in Long Thanh and a new seaport to connect with the East-West Economic Corridor, also known as the R9 route, and serve Vietnam, Laos, Thailand and Myanmar.

Somhatai said Amata VN will increase its 2020 development budget for industrial estates in Vietnam from nearly US$100 million allocated for 2019.

The company has a permit to develop 3,200 hectares in three industrial estates and has another 2,560 hectares awaiting a license.

She said Amata City Bien Hoa is obtaining an investment certificate for new development and is in discussions with potential clients for commercial areas.

Amata City Long Thanh and Amata City Halong started pre-construction work on land clearance. The company aims to start development plans and marketing activities by 2019, expecting to secure revenue in 2020.

For Long Thanh, Amata VN is developing 480 hectares and expects sales to begin in the first quarter of 2020, Somhatai said.

“In 2019, we will sell roughly 19 – 20 hectares to companies from Japan, Taiwan and China,” she said. “Amata VN expects 2019 revenue to grow by 10% from US$38.3 million in 2018 from three business types: real estate sales, utility services and rental fees.”