Japanese firms plan to pour 4 billion USD in Hanoi’s projects
Leading Japanese corporations on July 1 signed Memoranda of Understanding (MoU) with Hanoi to invest a total of close to 4 billion USD in projects in the capital city.
Tokyo (VNA) – Leading Japanese corporations on July1 signed Memoranda of Understanding (MoU) with Hanoi to invest a total of closeto 4 billion USD in projects in the capital city.
The MoUs were signed by Chairman of the Hanoi People’sCommittee Nguyen Duc Chung and representatives of the Japanese groups in Tokyo,Japan, in the presence of Prime Minister Nguyen Xuan Phuc.
They included the MoU between the Hanoi People’s Committee, Japan’sSumitomo Group and its Vietnamese partner BRG Group to develop projects in TayHo districts and Dong Anh Industrial Park in Dong Anh district at a combined investmentof 3 billion USD.
Hanoi also agreed with Hanoi-based IDS Equity Holdings andJapanese investors on a number of projects to build office buildings and hotelsin the city which are estimated to worth about 500 million USD and with Aeon MallVietnam, a subsidiary of Japan-based Aeon Mall Corporation to construct a 250-millinon-USDnew shopping mall in Bac Tu Liem district.
In a prior meeting with Chung, leaders of Japan-based NidecCorporation proposed to invest 1 billion USD in a project in the capital city.
Chung he been accompanying PM Nguyen Xuan Phuc in a working visitto Japan from June 30 to July 1. He held meetings with leaders of Mitsubishi,Sumitomo, Aeon, IDS Equity Holdings and Nidec to promote Japanese investment inHanoi.
He introduced Hanoi’s business climate and investmentincentive policies, saying the city has made concrete efforts to speed uppublic administration reforms and facilitate foreign investors. In 2018, thecity jumped up four places from the previous year in the ProvincialCompetitiveness Index (PCI) and led the country in FDI attraction.
The mayor also noted that Japan became the largest foreigninvestor in Hanoi last year and predicted the East Asian country will retainthe top spot this year. He pledged to provide support for Japanese investors interms of procedures, land lease and human resources training when doingbusiness in prioritized areas.-VNA
Up to 70 percent of Japanese businesses have announced that they want to expand operations in Vietnam, especially in manufacturing, trade and service, and retail sector, according to the Japanese External Trade Organisation (JETRO).
Japanese investment in Vietnam is expected to grow this year, given Japan’s recent initiative to shift investment to Vietnam and other Mekong River nations, as well as free trade agreements (FTA), experts said.
Vietnam encourages high-quality projects invested by Japanese corporations, Prime Minister Nguyen Xuan Phuc said, pledging to organize regular dialogues to tackle difficulties for Japanese investors.
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At the signing ceremony (Photo: VNA) 
