Hòa Phát’s Ly Thuong Kiet Industrial Park – Phase 1 receives investment approval in Hung Yen Province.
Hoa Phat Group Joint Stock Company (HoSE: HPG) has received approval from the People’s Committee of Hung Yen Province for its Ly Thuong Kiet Industrial Park – Phase 1 project, with a total investment of over VND 2.8 trillion. The project is led by Ly Thuong Kiet Industrial Infrastructure Development JSC, a subsidiary of Hoa Phat, and is expected to start handing over infrastructure-ready land to tenants by late 2026.
Spanning 235 hectares, the industrial park is located in Yen My and Viet Tien communes, Hung Yen Province. It aims to develop and operate industrial infrastructure under a supportive industrial park model. The project’s operational term is 50 years from the land allocation or lease date.
Strategically positioned in the heart of the Red River Delta, Ly Thuong Kiet Industrial Park offers seamless connectivity to Hanoi, Hai Phong, Quang Ninh, and neighboring industrial hubs. It also provides quick access to Hai Phong Port and Noi Bai International Airport, facilitating efficient logistics.
The project’s boundaries are clearly defined: to the north by DT.382B Road; to the south by Industrial Park No. 3 and agricultural land in Xuan Truc commune; to the east by agricultural land in Xuan Truc commune; to the northwest by the Hanoi-Hai Phong Expressway access road; and to the southwest by the highway connecting the Hanoi-Hai Phong and Cau Gie-Ninh Binh Expressways.
Mr. Tran Kien Cuong, Director of Ly Thuong Kiet Industrial Infrastructure Development JSC, stated that the company is finalizing legal procedures and land clearance. Construction of technical infrastructure is slated to begin in Q2/2026, with land handover to tenants starting in late 2026.
This project marks Hoa Phat’s latest industrial infrastructure initiative in its strategy to expand its industrial ecosystem in Northern Vietnam. The group is also developing Hoang Dieu Industrial Park (Hai Phong) and Dong Phuc Industrial Park (Bac Ninh). As of October 2025, Hoa Phat’s total industrial land area exceeds 2,435 hectares.
Existing Hoa Phat industrial parks, including Pho Noi A, Yen My II (Hung Yen), and Hoa Mac (Ha Nam), boast an average occupancy rate of approximately 95% of their technical infrastructure area.
Rendering of Ly Thuong Kiet Industrial Park with a total investment of over VND 2.8 trillion (Image: Hoa Phat).
Hung Yen Province is emerging as a focal point in Northern Vietnam’s real estate market, attracting numerous billion-dollar projects from major developers. Leading the way is Ecopark urban area, covering approximately 500 hectares with a total investment of up to USD 10 billion, making it the province’s largest project. Vinhomes also stands out with two significant projects: Vinhomes Ocean Park 2 (460 hectares, USD 1.6 billion) and Vinhomes Ocean Park 3 (290 hectares, USD 1.4 billion).
In 2025, the market gained momentum with new projects such as Centerville (VND 17 trillion), Alluvia City (VND 31 trillion), and Trump International Hung Yen (VND 39 trillion).
Beyond these major players, Hung Yen is home to several other large-scale projects, including Zone A of the North National Highway 5 Urban Area (Pho Noi) with a total investment of nearly VND 35 trillion; Kien Giang New Urban Area (VND 9.7 trillion); Tan Binh – Tien Phong New Urban Area by Eurowindow (over VND 8 trillion); and Song An – Trung An Urban Area (Vu Thu) by DragonGroup (over VND 4.2 trillion).
Following the merger, Hung Yen Province (formed from the former Hung Yen and Thai Binh Provinces) is now the smallest province in Vietnam, covering over 2,500 km² with a population of 3.6 million. In comparison, its area is approximately 1/10 that of Lam Dong Province, the largest province with over 24,000 km².
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