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Pingyang Investors Build Industrial Park in Vietnam
【Fonts: Large Medium Small 【Source: 温州市 【Date: 2017.11.16】

From November 10 to November 14, President Xi Jinping attended the 25th APEC Economics Leaders’ Meeting held in Da Nang while paying a state visit toVietnam. On the eve of his visit, President Xi Jinping published an article titled “Creating a New Situation for Friendly Sino-Vietnamese Relations” in the People’s Daily inVietnam. The “Longjiang Industrial Park” mentioned in the article is invested by business people from Wenzhou.

Weng Mingzhao and Huang Jiayuan, business people from Pingyang County, Wenzhou, are reportedly the trailblazing investors of Longjiang Industrial Park. Weng from Shuitou Township, Pingyang County built and run leather processing business at hometown before going toVietnamwith Huang Jiayuan (Chairman of Sichuan Qiansheng Mining Industry Company) to invest in the project of Longjiang  Industrial Park. Each of them holds 40.5% equity while Hailiang Group from Zhuji, Zhejiang holds the rest 19% equity of the Park.

Located in Tiền Giang Province, southernVietnam, Longjiang Industrial Park covers an area of about 600 hectares. It is one of the first state-level “Foreign Trade and Economic Cooperation Zones” identified byChina’s Ministry of Commerce. Since the beginning of investment in 2007, after nearly 10 years of development, Longjiang Industrial Park has become an example of the Sino-Vietnamese economic and trade cooperation and one of the few large-scale industrial parks invested by foreigners inVietnam. 35 enterprises from countries includingChina,South KoreaandMalaysiaare now operating in the Park with a total investment of up to 1.2 billion US dollars. It is noteworthy to mention, after the “Belt and Road Initiative” was put forward, more and more Chinese enterprises started to invest in foreign countries including partner countries of the Initiative. While making great contributions to the local economic and social development inVietnam, Longjiang Industrial Park has built a good public platform to reduce the risk of overseas investment and has become a veritable “safe haven” for Chinese enterprises going global.

 


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