Plastic firm resuscitates long-delayed industrial park
By Quynh Chi
March 06, 2019 | 03:04 PM GMT+7
Deputy Prime Minister Trinh Dinh Dung has recently approved a plan to revive an industrial park project in Hai Duong province, which had been abandoned by Taiwanese investors for nearly a decade.
The Viet Hoa - Kenmark industrial park.
The Viet Hoa-Kenmark industrial park project was licensed in 2005 to Kenmark with total registered capital of $98.4 million.
The Taiwanese group had built infrastructure, factories and a waste water treatment facility on 11.4 hectares out of total 46 hectares of the industrial park, which is located between Hanoi and Haiphong.
To finance the development, Kenmark borrowed $67.6 million from three banks, including the BIDV Thanh Do branch, SHB Quang Ninh and Habubank Bac Ninh. Of these banks, BIDV Thanh Do was the biggest lender with a $39.1 million loan.
However, in 2010, Kenmark informed Hai Duong provincial authorities that they stopped operation in Vietnam and the production facilities in the industrial park has been left idle since then.
After many unsuccessful attempts to sell the project, BIDV Thanh Do managed to auction all land use rights and assets on land in the industrial park for around $32.61 million.
The winner is An Phat High-tech Industrial Park Company Limited, a subsidiary of An Phat Plastic and Green Environment JSC.
Deputy Prime Minister Trinh Dinh Dung recently assigned Hai Duong provincial authorities to amend the investment licence.
Established in October 2017 with charter capital of $4.31 million, An Phat Plastic and Green Environment JSC owns 96.15 per cent of its charter capital in An Phat High-tech Industrial Park Company Limited
The inudtrial park project has been renamed into An Phat Complex, which engages in producing high-tech and environmentally friendly plastic products. The project is expected to create 3,000 - 4,000 jobs for locals and contribute $8-13 million to the province’s budget annually.
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