On July 14, the Provincial People's Committee informed that on July 4, 2025, the Thanh Hoa Provincial Department of Finance issued an Investment Registration Certificate to Lares Pte.Ltd Company (Singapore) to implement the ASEAN Vietnam Ceramic Valley project at Van Thang Yen Tho Industrial Cluster, in Nong Cong and Yen Tho communes.
The project has a total investment of about VND 5,139 billion, equivalent to USD 200 million, divided into three implementation phases until 2030. Of which, phase one has an investment of more than 84.6 million USD, expected to be completed and put into operation no later than the second quarter of 2027; phase two has more than 100 million USD to be completed in the third quarter of 2028; phase three has more than 10.8 million USD to be completed no later than the second quarter of 2030. In addition, the investment preparation capital is about 4.3 million USD.
The project has an operating period of 50 years from the effective date of Decision No. 1872/QD-UBND dated June 12, 2025 of the People's Committee of Thanh Hoa province. The total land area used is 322,345m2.
The investment goal is to synchronously build items serving the production of household ceramics, industrial ceramics and sanitary equipment, with a designed capacity of about 120 million products per year. This is considered one of the largest ceramic production projects in the country today.
The capital source for project implementation includes 20% of the investor's contributed capital - equivalent to 40 million USD - and the remaining 80%, equivalent to 160 million USD, is other legally mobilized capital.
Lares Pte.Ltd Company was granted a company registration certificate No. 202517511R by the Singapore Accounting and Enterprise Management Agency on April 23, 2025, headquartered at 112 Robinson Road, Singapore.
The project will be granted an Investment Certificate after completing all documents from June 19, 2025 and submit additional documents on June 26, 2025. The appraisal and approval documents come from many agencies including the Department of Agriculture and Environment, the Department of Construction, the Department of Industry and Trade, the Department of Science and Technology, the Provincial Military Command, the Provincial Police, the People's Committee of Nong Cong district and the People's Committee of Nhu Thanh district (old).
According to regulations, investors are responsible for contributing capital and mobilizing capital according to the registered schedule. Construction is only allowed after completing all procedures on land, environment, and construction according to regulations. In case objective difficulties arise leading to delays, investors must carry out procedures to adjust investment certificates.
The ASEAN Vietnam Ceramic Valley Project produces products under industry codes VSIC 2393 and 2392, including ceramics for daily use and sanitary equipment. Investors are only allowed to carry out conditional business lines when they fully meet the conditions or have a license or certificate according to the law.
At the same time, investors are required to fully comply with accounting regimes, invoices, documents and related tax obligations. The project will enjoy investment incentives according to regulations if it meets legal conditions.
The People's Committee of Thanh Hoa province emphasizes that investors are fully responsible legally if the project has to stop due to failure to meet implementation conditions. State management agencies do not resolve disputes arising between investors and related parties.
