A venture between a subsidiary of Thailand's Hemaraj Land and Development Pcl and Vietnamese construction firm Cienco 4 have signed an agreement to build a $1 billion industrial zone in central Vietnam, the Vietnamese company said.

The venture, Hemaraj-Cienco 4 Co, signed the deal with the Nghe An provincial government on Wednesday, with construction to start in 2017 in seven phases for completion in 2038, Cienco 4 said in a statement posted on its website on the same day.