Gunma Prefecture, Sumitomo Corporation (Head Office: Chuo-ku, Tokyo; President & CEO: Kuniharu Nakamura) and Thang Long Industrial Park II, developed and operated by Sumitomo Corporation in Vietnam, on February 8 concluded an agreement on introducing support for companies operating in Gunma Prefecture that newly move into Thang Long Industrial Park II in order to encourage Gunma-based companies to expand their businesses into Vietnam.
In February 2016 Gunma Prefecture dispatched an economic delegation headed by Governor Osawa to Vietnam, and signed a memorandum with the Vietnamese Ministry of Planning and Investment to promote economic exchange with Vietnam. In October 2016, Sumitomo Corporation created a 'Hung Yen Province Japan Desk' in the Thang Long Industrial Park II as a liaison for Japanese companies considering expansion into Hung Yen Province, and it has since been supporting the expansion of Japanese companies, especially small to medium-sized enterprises, into Vietnam.
Gunma Prefecture and Sumitomo Corporation recently launched a new effort to provide incentives to Gunma-based companies moving into rental factories within Thang Long Industrial Park II. The current 35,000 m of rental plant space in Thang Long Industrial Park II, which helps expanding companies hold down initial costs will be doubled over the next few years to meet the needs of companies seeking to set up operations in Vietnam.
By further encouraging Gunma-based companies to expand into Vietnam, Gunma Prefecture and Sumitomo Corporation will contribute to job creation and the development of industry in Vietnam.

■ Reference
(Parties to the agreement)
(1) Gunma Prefecture
(2) Sumitomo Corporation
(3) Thang Long Industrial Park II Corporation
(Thang Long Industrial Park II operating company 92% owned by Sumitomo Corporation)
(Incentives)
○ Industrial park facilities targeted
Rental plants within Thang Long Industrial Park II
○ Eligible companies
Corporations with headquarters or manufacturing locations in Gunma Prefecture
○ Nature of incentives
・ One-year exemption from management fees when moving into the industrial park
・ Exemption from fees required to establish a local company in Vietnam (excluding actual expenses such as translation fees)
(Other agreement provisions)
○ Collaboration/cooperation in holding seminars
○ Collaboration/cooperation in conducting inspection missions

(Profile of Thang Long Industrial Park II)
(1) Business entity : Thang Long Industrial Park II Corporation
(2) Investment ratio : Sumitomo Corporation Group: 92%
(3) Location : Hung Yen Province, Vietnam
(33 km southeast of central Hanoi)
(4) Development area : 346+ hectares (Phase I and Phase II total)
(5) Number of tenant companies : 64 companies (of which 61 are Japaneses)
*As of December 31, 2016
(6) Date established : November 2006

Sumitomo Corporation published this content on 08 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 20 February 2017 07:11:57 UTC.

Original documenthttp://www.sumitomocorp.co.jp/english/news/detail/id=29707

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