An Indian company plans to invest US$10-12 billion in building a pharmaceutical industrial park in the northern province of Hai Duong.

The 960-hectare hub in the districts of Gia Loc, Thanh Mieng and Binh Giang and adjacent to the Hanoi - Hai Phong Expressway is the brainchild of drug company SMS Pharmaceutical Group.

The Hyderabad-based company will join hands with Indian builder Sri Avantika Contractors Ltd and local property developer Dai An Urban & Industrial Zone Development.

Hhead of the province people’s council, Pham Xuan Thang, promised all possible support for the project.

The idea of creating the pharmaceutical hub was mooted during trade and investment promotion sessions organized by the Vietnamese embassy in India last year.

The park is estimated it would create 50,000 direct and 200,000 indirect jobs and earn export revenues of $5 billion a year.

Da Nang City and Thua Thien-Hue, Long An, Bac Ninh, and Thai Nguyen provinces were also considered for locating the park.

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