Japanese trading firm Marubeni Corp has bought a 20% stake in a subsidiary of Thai industrial property developer Amata Corp which develops an industrial park in northern Vietnam.

It acquired the shares of Amata City Ha Long, which operates the industrial park with the same name in Quang Ninh Province, it said in a recent statement. The value of the deal was VND271 billion (US$10 million), according to Nikkei Asia.

The 714-hectare park is planned to be constructed in five phase and the first one is now complete while the second and third phases are being developed.

Marubeni said that Quang Ninh is connected to neighboring China by a highway and is close to the port city of Hai Phong, making it geographically convenient for the import of raw materials and intermediate goods as well as the export of finished products to East Asian countries.

Companies in the industrial park benefit from favorable corporate tax incentives, enjoying the highest level of tax advantages in Vietnam due to the park’s location in the special economic zone, it added.

Source: VOV