31st Sea Games - Vietnam 2021 Covid-19 Pandemic
Feb 16, 2022 / 18:24

Indian enterprises to invest $12 billion in Pharmaceutical Park project in Hai Duong

This pharmaceutical park is expected to be a strategic lever to turn Vietnam into a leading pharmaceutical research, development and production base in Southeast Asia.

The northern province of Hai Duong has been selected as the location of a pharmaceutical park project worth US$10-12 billion invested by Indian enterprises.

 An overview of the meeting between Hai Duong province's authorities and Indian investors. Photo: haiduong.gov.vn

The latest information was given at a recent meeting between the provincial leaders and Indian investors to discuss the Pharmaceutical Park project.

At the event, the Vietnamese company Dai An Urban-Industrial Zone Development Corporation JSC and Indian partners (Sri Avantika Contractor Ltd and SMS Pharmaceuticals) signed a cooperation agreement for developing the project.

After a period of surveying many locations in Vietnam, the Indian investors, including SMS Pharmaceuticals Ltd, Sri Avantika Contractor Ltd, Leaps and Bounds Consulting Co., Ltd, decided to choose an area shared by Gia Loc, Thanh Mien and Binh Giang districts to house the Pharmaceutical Industrial Park project, with a total planning area of ​​about 960ha.

The province’s authorities said that this is a very convenient location, adjacent to the intersection connecting to the Hanoi-Hai Phong highway while traveling to the capital city only takes about 25 minutes and to Hai Phong Port about 50 minutes.

The location is favorable as it is linked with other provinces in the northern region and where an international railway service is planned. It lies within a key industrial area, which is likely to be approved by the Government as a special economic zone with many preferential policies, according to the province.

The Indian investors also proposed a policy on payment of land rent and asked the province to hand over the vacant land to them on schedule.

At the meeting, the Hai Duong side is committed to promptly solving the problems. Pham Xuan Thang, Chairman of the provincial People's Council, pledged to support investors at the highest level to implement the pharmaceutical park project.