HANOI/BANGKOK (Oct 6): A subsidiary of Thailand's Hemaraj Land and Development Pcl and Vietnamese construction firm Cienco 4 have teamed up to build a US$1 billion industrial zone in Vietnam, the first country in Southeast Asia the Thai firm has expanded into. Offering manufacturers lower wages than China, textile and shoe factories are also expanding in Vietnam to accommodate orders for high street fashion brands. "Vietnam is the first foreign country that we will invest in the form of developing an industrial estate for rent," Jareeporn Jarukornsakul, chief executive officer of WHA Corp, a major shareholder of Hemaraj, told Reuters. In the first phase, they will develop an industrial estate on an area of about 500 hectares, which should start providing revenue in the second half of 2017, Jareeporn said. WHA, which completed its acquisition of Hemaraj last year, is Thailand's market leader in building bespoke warehouses for leases and aims to become a fully-integrated industrial estate and logistic facilities developer.

Source: The Edge Markets October 06, 2016 10:41 UTC