On the morning of October 16, Viglacera Hung Yen JSC, a subsidiary of Viglacera Corporation (VGC), broke ground on phase 1 of Industrial Park No. 01, marketed as Green One, across Yen My and Xuan Truc communes in Hung Yen province.Markettimes Phase 1 covers 216.17 hectares with total investment of VND 2,325.68 billion.Người Quan Sát
For VGC shareholders the ceremony is good news, but it has not yet produced a single dong of revenue. An industrial park moves through a long chain: investment approval, land clearance, groundbreaking, infrastructure, finding tenants, signing leases, handing over land. Cash shows up in the accounts only at the last steps. This article places Green One on that chain.
What the project includes
Under the 1/2,000 zoning plan approved by the Hung Yen People's Committee on May 12, 2025, Industrial Park No. 01 covers 258.82 hectares in total.Markettimes Phase 1 spans 216.17 hectares with a 50-year operating term. Phase 2, at 42.65 hectares, is not part of this groundbreaking.BNEWS
The park is positioned as a high-tech estate. At least 30% of industrial land is reserved for high-tech and R&D projects, and at least 20 hectares, or 5% of the area, for small and medium-sized enterprises. Priority sectors include semiconductors, electrical and electronics, precision engineering and automation equipment. The site sits near the Yen My interchange on the Hanoi–Hai Phong expressway, about 30 km from central Hanoi.Người Quan Sát
The plan also includes 8.5 hectares of social housing for workers and 1.8 hectares of expert accommodation. Once fully occupied, the park is expected to employ about 15,000 people. At the ceremony, Le Quang Hoa, Vice Chairman of the Hung Yen People's Committee, asked provincial departments to support the investor, especially in resolving obstacles and shortening administrative procedures.Markettimes
More than a year from approval to groundbreaking
The first legal milestone came last autumn. Phase 1 received investment approval, together with approval of the investor, in September 2025.BNEWS On the morning of October 8, 2025, the decision was handed to Viglacera Hung Yen at a provincial conference.Nhà Đầu tư
At that conference, provincial leaders asked the investor to speed up land clearance, finish the legal procedures and aim to break ground on phase 1 on December 19, 2025.Thương hiệu & Công luận That was a target stated at a meeting, not a contractual commitment. On December 19 itself, what happened on the ground was compensation: Viglacera Hung Yen and local authorities paid nearly VND 13 billion to households within the project area.Thương hiệu & Công luận The groundbreaking came almost 10 months after that date.
The coverage of the ceremony gives no reason for the gap. Plausible explanations include uneven land-clearance progress across the two communes, extra time for land allocation and leasing procedures, or a December target that was always very tight. No source lets us pick one, so this article records the gap without assigning a cause.
Who is putting money into Green One
According to the investment approval decision, the VND 2,325 billion total comprises investor equity of nearly VND 349 billion and mobilised capital of VND 1,976 billion.Nhà Đầu tư That puts equity at roughly 15%, leaving roughly 85% for the investor to raise.
The investor, Viglacera Hung Yen, has charter capital of VND 350 billion. Per information Vietstock published in October 2025, Viglacera holds 51% and individual shareholders hold the other 49%.Fili Applying 51% to about VND 349 billion of equity gives Viglacera's share at roughly VND 178 billion, under 8% of phase 1 capital. That is our own calculation from the two figures above, not a number the company has disclosed.
This structure has two consequences for VGC shareholders.
The first is leverage. Most infrastructure spending will be funded by borrowed or mobilised capital, so interest costs and repayment timing depend on how soon the park finds tenants.
The second is the profit share. Because Viglacera Hung Yen is a subsidiary, Green One's revenue will be consolidated into Viglacera's accounts once it arises. But profit attributable to the parent's shareholders is only the 51% portion. The 51% model is not unique to Green One: at Viglacera Thai Nguyen, developer of the Tay Pho Yen industrial park, Viglacera also keeps a 51% stake.Thương hiệu & Công luận
When an industrial park starts earning
For an industrial park, groundbreaking opens the most expensive stage. The developer must build roads, power and water supply, and a wastewater plant. Green One's announced components include a wastewater plant of 4,000 m³ per day, clean water supply of 8,500 m³ per day, and power from a 110/22 kV substation of 2x63 MVA.BNEWS In parallel, the developer must find tenants and sign leases.
Signing a lease still does not mean revenue. Viglacera's own first-half 2026 report shows that the area of industrial land leased under signed contracts is far larger than the area recognised as revenue in the first quarter; the rest waits for land handover before it reaches the books.Thương hiệu & Công luận That is why industrial-park profit tends to jump with each handover rather than move evenly by quarter. Viglacera also says second-quarter profit growth came mainly from industrial-park infrastructure leasing at its member companies, the group's core segment.
Green One will contribute to that picture once its land begins to be handed over. So far, coverage of the ceremony gives no expected completion date for phase 1 infrastructure and no leasable area. The 216.17 hectares is the whole phase, including greenery, water surfaces, internal roads and service zones. Greenery and water alone take 30.47 hectares, or 14.09%.BNEWS No source gives an expected profit contribution from Green One to Viglacera, so this article does not estimate one.
Three milestones to watch
VGC holders can follow Green One through three successive milestones, each closer to revenue than the last.
Completion of phase 1 infrastructure. This has not been announced. Once the developer gives a date, readers will have a basis for estimating when land handover begins.
The first lease contract. The priority sectors are clear, but tenant names and leased area are not. The first announced contract will show whether the park attracts the high-tech companies the plan targets.
Handover area in quarterly reports. When Viglacera reports hectares handed over by industrial park, Green One's share will be the first proof that revenue has started to flow.
In the near term, Viglacera's upcoming third-quarter report cannot contain Green One revenue, since the project has only just broken ground. The company's land bank also extends beyond Hung Yen: Viglacera is preparing further parks in Huu Lung (Lang Son), Luong Tai (Bac Ninh), Tien Hai expansion (Hung Yen), Viet Hong (Lao Cai) and Tran Duong (Hai Phong).Thương hiệu & Công luận
The conclusion is simple. The October 16 ceremony shows the project has cleared the paperwork stage and begun spending real money, most of it raised capital. The milestone worth waiting for is the day Green One signs its first lease and hands over its first plot. Until then, the project sits on the spending side of Viglacera's books.