Amata VN PCL, a unit of Thailand's biggest industrial estate developer, Amata Corp PCL, has announced plans to invest in an industrial park in the northern city of Quang Ninh.

Somhatai Panichewa, president of Amata VN PCL said it will invest 70% in the joint venture with the remaining 30% owned by the Vietnamese Tuan Chau Group.

She said at this point the company has submitted an investment application to the Vietnam government that is expected to be approved by the end of the third quarter of the year.

The company intends to conduct an initial public offering in the third quarter to raise the US$8.5 million funds it plans to spend on the first phase of the industrial park with construction to start next year.

It expects an estimated 1,000 factories to be set up in the first phase, which should be completed by 2018.

The plan has the company spending 10-15 years and a budget of US$1.6 billion to develop all 5789 hectares of the estate, separated into 10 phases and completed by 2030.

Amata VN expects investors from Japan, the Republic of Korea and Taiwan will be interested in moving their production bases to Vietnam, especially attracting high-technology companies in electronics.