WHA Group accelerates industrial park investment in Vietnam amid tariff tensions

Nationwide expansion strategy

In a context of continued global trade uncertainties, WHA Group has unveiled a string of new investment plans in Vietnam, underlining its commitment to the country's potential as a strategic production base.

WHA Group last week received in-principle approval for its WHA Smart Technology Industrial Zone 2 project in Thanh Hoa province. Just days later, the group signed a memorandum of understanding to develop the Phu Cu industrial park in Hung Yen province, witnessed by the prime ministers of both Thailand and Vietnam.

These consecutive moves come as the world continues to grapple with the lasting effects of the US - China trade war and unresolved negotiations around US - Vietnam tariff discussions.

Northern Vietnam, where WHA is increasingly focusing its attention, has become a highly competitive arena for industrial park developers, especially in localities like Hung Yen, home to major industrial zones such as Thang Long II and Pho Noi A with well-developed infrastructure.

In Thanh Hoa, WHA Smart Technology Industrial Zone 2 will be the group’s second project following the 540-hectare WHA Smart Technology Industrial Zone 1, which is being developed in three phases.

The new project will cover nearly 175 hectares in Thieu Hoa district, with a total investment of approximately $57 million. Of this, around $9 million will be WHA’s direct equity, while the remainder will be sourced from other channels. The project is set to be completed within 36 months and will have a 50-year operating term.

The expansion underscores WHA’s strategy to establish Thanh Hoa as a new growth pillar alongside its long-standing presence in Nghe An.

WHA made its Vietnam debut in 2017 with the WHA Industrial Zone 1 in Nghe An, one of the largest industrial parks in the North Central region, spanning 3,200 hectares. The development is planned across seven phases through 2038, with a total investment of approximately $1 billion.

The first phase (143.5 hectares) has already achieved an occupancy rate of over 80 per cent. Phase two, covering 354.5 hectares and currently under infrastructure development, has reached over 50 per cent occupancy thanks to committed tenants.

Late last year, WHA also received investment approval for WHA Industrial Zone 2, located in Nam Cam D Industrial Park (Nghi Loc district, Nghe An), with a scale of 183.37 hectares.

In its northward push, WHA is planning to develop the above-mentioned Phu Cu Industrial Park in Hung Yen. This is a province within Vietnam’s northern key economic region with favorable transport connectivity but intense competition in industrial investment.

Hung Yen currently hosts 17 industrial parks spanning over 4,300 hectares and aims to increase this number to 30, with a total planned area of nearly 9,600 hectares by 2030.

Simultaneously, WHA is ramping up its "southward" strategy. The group is exploring a new 400-hectare industrial park project in Thang Binh district, Quang Nam province, targeting investments in high-tech sectors such as automotive, electronics, healthcare, and logistics. Further south, WHA has proposed a large-scale industrial, urban, and service complex in Chau Duc district, Ba Ria–Vung Tau province.

These projects are expected to enhance the scale and competitiveness of WHA's industrial property portfolio.

The group currently owns and manages more than 3 million square meters of industrial properties and develops 15 industrial zones in Thailand and Vietnam, with a total industrial land of 12,600 hectares. WHA industrial zones, in both Thailand and Vietnam, are home to more than 1,110 corporate customers and have attracted more than $46 billion in investments cumulatively

As of Q1/2025, WHA Group's consolidated assets totaled around $2.85 billion. The first project in Nghe An alone accounts for $1 billion in committed capital, highlighting the group’s deep financial commitment in Vietnam.

Beyond its role as an industrial infrastructure developer, WHA is shifting toward smart industrial parks integrated with service ecosystems and guided by international sustainability standards to attract high-value manufacturing investments.

This model is built based on three elements including international standard quality of design and infrastructure; reliability of utilities, and environmental care; integrating use of industry 4.0 technologies.

Several smart and sustainable solutions have already been implemented in WHA’s industrial zone project in Nghe An Province. For instance, the company operates a unique biological wastewater treatment system that is chemical-free and environmentally friendly. It has also established a centralized control room capable of monitoring and managing real-time environmental parameters such as air and wastewater quality, water levels, and traffic safety indicators.

Additional initiatives include the use of solar energy at the WHA office and LED street lighting to optimize energy consumption.

WHA plans to expand these initiatives to other projects in Vietnam, including in Nghe An, Thanh Hoa, and potentially other provinces in the near future.