Thailand’s largest industrial estate operator Amata Corporation Pcl on Thursday said it will invest 15.5 billion baht ($485.59 million) in Vietnam to develop smart industrial estates.

The company’s Vietnamese arm, Amata VN Pcl, will invest 10 billion to develop 1,270 hectares in Amata City Long Thanh, Amata Chief Executive, Vikrom Kromadit said in a statement.

The investment includes developing energy, mobility, and aerospace city, it added.

Amata will invest 5.5 billion baht over 714 hectares in northern Vietnam’s Halong this year in the first phase of investment. It expects to receive government approval and support within the year, the statement said.

“Amata is currently studying investment plans in Myanmar where the company has signed a memorandum of understanding with local government in Yangon,” it said.

The company targets land sales in Thailand and Vietnam of 925 rai (148 hectares), Amata’s Chief Marketing Officer Viboon Kromadit told reporters, adding that it targets to have 28,000 square meters of leasable land this year.

Amata Vietnam targets recurring income growth of 35 percent over the next five years from land sales, Viboon said. It expects earnings to improve from last year due to the Thai government’s Eastern Economic Corridor project.