On January 23, 2025, Deputy Prime Minister Tran Hong Ha signed Decision No. 223/QD-TTg to adjust the investment policy for the infrastructure development project of Song Cong II Industrial Park, located in Song Cong City, Thai Nguyen Province. Accordingly, the project's total investment capital has been revised upward to over VND 2,347 billion, an increase of VND 589.3 billion compared to the previously approved level.
Investment Adjustment – Meeting Practical Demands
With a total area of 250 hectares, the Song Cong II Industrial Park is one of the key components in Thai Nguyen’s industrial development strategy for the 2017–2025 period. The adjustment of the total investment to VND 2,347,151,485,026 reflects practical demands arising during project implementation, including increased costs for land clearance, the need for synchronized technical infrastructure, and the enhancement of services provided to enterprises.
The project's capital structure has been revised to include funding from the State budget and advance payments on land lease from investors. Notably, the additional VND 589 billion in capital will be sourced from local government budgets, demonstrating the province’s determination and financial capacity to ensure project progress and quality.
Location and Timeline Adjustments
Under the revised decision, the project will now be implemented primarily in Tan Quang and Ba Xuyen communes, within Song Cong City. The project timeline has also been adjusted to run from 2017 to 2025, aligning with the actual volume of work and ensuring effective use of public investment capital.
Clear Assignments – Defined Responsibilities
The Ministry of Planning and Investment continues to serve as the lead agency, responsible for appraising the adjusted investment policy and overseeing state management of the industrial park in accordance with the Law on Public Investment and other relevant regulations.
Other related ministries and agencies are tasked with performing their appraisal duties within their respective mandates. Particularly, the People’s Committee of Thai Nguyen Province is fully accountable for determining the increased costs of land compensation and clearance, revising the total investment, and ensuring proper use of funds in compliance with legal regulations.
The province is also required to rigorously monitor and evaluate the investment, and to direct the Management Board of Thai Nguyen Industrial Parks to coordinate with relevant stakeholders in finalizing the adjusted feasibility study report and submit it to the competent authorities for approval in accordance with the law.
A New Engine for Local Industrial DevelopmentThe adjustment in total investment and project timeline for Song Cong II Industrial Park not only resolves key implementation bottlenecks but also lays the groundwork for attracting new investment flows into Thai Nguyen – a province with high potential in electronics, mechanical engineering, and supporting industries.
Once completed, the project is expected to significantly contribute to expanding industrial development space, generating employment, increasing local revenues, and enhancing provincial competitiveness. This strategic move aligns with Vietnam’s broader objectives of accelerating industrialization and modernization, while promoting sustainable development and green growth.
Song Cong II Industrial Park – more than just an infrastructure project, it stands as a symbol of Thai Nguyen's transformation on the national industrial map.