Thanh Hoa’s Largest Industrial Park Project
On May 20, the People’s Committee of Thanh Hoa province approved the master plan for the construction of the Phu Quy Industrial Park with a ratio of 1/2000, located in seven communes of Hoang Hoa district.
The Phu Quy Industrial Park covers an area of 540 hectares in seven communes of Hoang Hoa district. The park is expected to house around 36,000-58,500 workers.
Photo: Hoang Hoa Electronic Information Portal, Thanh Hoa
The project is developed by Thai WHA Group in three phases, with the first phase focusing on investing in nearly 200 hectares in Hoang Quy, Hoang Cat, Hoang Xuan, and Hoang Quy communes.
Proposals for Industrial Park Investments Ranging from Hundreds to Thousands of Hectares
According to its website, WHA Group is a leading developer in logistics and industrial utility solutions in Thailand.
WHA Industrial Development, a subsidiary of WHA Group, is currently developing 12 industrial real estate properties, including 11 industrial parks in Thailand and one in Nghe An province, Vietnam, with a total industrial area of 11,380 hectares and 765,000 square meters of ready-built factories and logistics space.
WHA Industrial Development’s clients operate mainly in the automotive, petrochemical, and other industries. There are a total of 886 clients, of which 293 are auto manufacturers with 482 signed contracts. The company has a total of 1,455 land and factory lease contracts, with a total investment capital from all customers reaching USD 43.1 billion.
In Vietnam, WHA is operating the WHA Industrial Zone 1 in Nghe An province. The first phase of this industrial park covers an area of 498 hectares with international-standard infrastructure to meet the demands of industrial investors, along with residential and commercial projects. Upon completion, the industrial park will have a total area of 2,100 hectares. The project has a total investment of VND 22,000 billion and has been under development since 2017.
WHA Industrial Zone 1 (Photo: whavietnam)
Additionally, in January, WHA Group and the Management Board of Nghi Son Economic Zone and Industrial Parks in Thanh Hoa province signed a memorandum of understanding for the research and investment in the Giang Quang Thinh Industrial Park project in Thieu Hoa district.
In Quang Nam province, WHA Group proposed investing in the construction and business of infrastructure for an industrial park in the western part of the high-speed road passing through Thang Binh district, with an area of about 400 hectares. In March, the People’s Committee of Quang Nam province agreed to allow the Group to research and propose the project.
In Ba Ria-Vung Tau province, in March 2024, WHA Group proposed investing in the Chau Duc Industrial-Urban-Service Park with an area of 1,200 hectares.
In Thai Nguyen province, in June 2023, WHA Group expressed its interest in surveying and exploring cooperation opportunities for investing in an industrial park in Dong Hy district, with an area ranging from 300 to 500 hectares.
The Group’s representative stated that their goal for the next five years is to invest at least USD 1 billion in developing eco-industrial parks and smart cities in Vietnam. The enterprise expects to successfully attract secondary projects with a total investment of over USD 5 billion.
Accusing Shark Lien’s Enterprise of Breach of Contract
In late September 2021, WHA Utilities and Power Public Company Limited (WHAUP), a member of WHA Group, announced that WHAUP (SG) 2DR, a subsidiary of WHAUP, had filed a lawsuit against Aqua One, an enterprise chaired by Ms. Do Thi Kim Lien (Shark Lien) and Mr. Do Tat Thang, at the Vietnam International Arbitration Center (VIAC) regarding the violation of failing to fulfill obligations under the share purchase agreement.
In October 2019, WHAUP (SG) 2DR spent approximately VND 1,886 billion to buy 34% of the charter capital of Duong River Surface Water Joint Stock Company from Mr. Do Tat Thang.
According to the share purchase agreement, WHAUP (SG) 2DR has the right to sell all its shares in Duong River Surface Water Joint Stock Company to Aqua One, a major shareholder of the company, at the price that WHAUP (SG) 2DR paid for those shares plus the book value as stipulated in the share purchase contract. This is on the condition that the company does not transfer the amended investment registration certificate to WHAUP (SG) 2DR before October 25, 2020, regarding the content of increasing the capacity of the Duong River Surface Water Joint Stock Company project from 300,000 cubic meters/day to 600,000 cubic meters/day.
However, Duong River Surface Water Joint Stock Company, Aqua One, and Mr. Do Tat Thang failed to provide the amended registration book to WHAUP (SG) 2DR as previously agreed.
Consequently, on November 23, 2020, WHAUP (SG) 2DR sent a notice to Aqua One, informing them that WHAUP would exercise the right to sell back the shares in Duong River Surface Water Joint Stock Company to Aqua One. According to the agreement, Aqua One was obliged to purchase the shares from WHAUP (SG) 2DR before June 7, 2021. However, as of the date of WHA’s notification to the Stock Exchange of Thailand (SET), Aqua One had not fulfilled this obligation.
As a result, WHAUP filed a lawsuit at the Vietnam International Arbitration Center (VIAC) on September 30, 2021, requesting Aqua One to fulfill its obligations under the terms of the share purchase agreement.
