Japanese firms plan to pour 4 billion USD in Hanoi’s projects

Update: 08:38 | 02/07/2019

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.

The MoUs were signed by Chairman of the Hanoi People’s Committee Nguyen Duc Chung and representatives of the Japanese groups in Tokyo, Japan, in the presence of Prime Minister Nguyen Xuan Phuc.

Japanese firms, Hanoi’s projects, Memoranda of Understanding, Sumitomo Group,  combined investment, apanese investment

At the signing ceremony.

They included the MoU between the Hanoi People’s Committee, Japan’s Sumitomo Group and its Vietnamese partner BRG Group to develop projects in Tay Ho districts and Dong Anh Industrial Park in Dong Anh district at a combined investment of 3 billion USD.

Hanoi also agreed with Hanoi-based IDS Equity Holdings and Japanese investors on a number of projects to build office buildings and hotels in the city which are estimated to worth about 500 million USD and with Aeon Mall Vietnam, a subsidiary of Japan-based Aeon Mall Corporation to construct a 250-millinon-USD new shopping mall in Bac Tu Liem district.

In a prior meeting with Chung, leaders of Japan-based Nidec Corporation proposed to invest 1 billion USD in a project in the capital city.

Chung he been accompanying PM Nguyen Xuan Phuc in a working visit to 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 in Hanoi.

He introduced Hanoi’s business climate and investment incentive policies, saying the city has made concrete efforts to speed up public administration reforms and facilitate foreign investors. In 2018, the city jumped up four places from the previous year in the Provincial Competitiveness Index (PCI) and led the country in FDI attraction.

The mayor also noted that Japan became the largest foreign investor in Hanoi last year and predicted the East Asian country will retain the top spot this year. He pledged to provide support for Japanese investors in terms of procedures, land lease and human resources training when doing business in prioritized areas.

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Source: VNA

 
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