Hung Yen is expected to become the best destination for Japanese investors

Published on 28 - 09 - 2019
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* Sumitomo Corporation decided to invest in expanding Thang Long Industrial Park II (Hung Yen)

On September 27, Mr. Nguyen Van Phong, Deputy Party Secretary, Chairman of the provincial People's Committee attended the Conference on the investment promotion in industrial parks of Hung Yen province in Tokyo (Japan). 

Chairman of Hung Yen provincial People's Committee Nguyen Van Phong presented a souvenir to Mr. Yasushi Fukuda, CEO of Sumitomo Corporation. Photo: Dao Tung / Vietnam News Agency’s reporter in Tokyo

Addressing more than 100 Japanese businesses and investors attending the Conference in Tokyo, Chairman of Hung Yen provincial People's Committee emphasized: “The cooperation, transfer of high and friendly environment technology, the professional management and quick mobilization of investment capital from Japanese investors are very necessary. Therefore, Japanese businesses are always welcomed to invest in the province. We pledge to accompany and do our best to make Hung Yen become the best destination for Japanese investors ”. 

Regarding the orientation of attracting FDI in the coming time of Hung Yen province, Mr. Nguyen Van Phong said that Hung Yen province prioritized attracting foreign investors, especially Japanese enterprises, to invest in clean, organic and environmentally friendly industries. 

In order to attract foreign investors, Chairman of Hung Yen provincial People's Committee affirmed: “The province is speeding up the administration reform to reduce unnecessary procedures that cause difficulties and troubles for enterprises; the implementation of e-government and information technology application; improving the qualifications and ethics of civil servants and public employees; promoting the investment in infrastructure construction; speeding up the site clearance... ". 

The conference on the investment promotion in industrial zones of Hung Yen province is held by Hung Yen provincial People's Committee in coordination with ASEAN-Japan Center. This is an event in the series of investment promotion activities in industrial zones of Hung Yen province in Japan and Korea.

* On the same day, at the Headquarter of Sumitomo Corporation in Tokyo, Hung Yen province and Sumitomo Corporation signed a memorandum of understanding on Sumitomo's investment in the expansion of Thang Long Industrial Park II. Accordingly, Sumitomo will invest to expand 181 ha in Thang Long Industrial Park II, bringing the total area of ​​this industrial park to 525 ha and become the largest industrial park with a lot of Japanese businesses in Vietnam. As planned, the expansion will be completed in 2021 and open to businesses from 2022. 

Chairman of Hung Yen provincial People's Committee Nguyen Van Phong and Mr. Yasushi Fukuda, CEO of Sumitomo Corporation, signed a memorandum of understanding. Photo: Vietnam News Agency’s reporter in Tokyo 

Currently, Sumitomo is taking charge of three industrial parks in Vietnam, with a total of 190 manufacturing enterprises, of which 90% are the ones from Japan. 

Explaining the decision of Sumitomo, Mr. Nobuta Goki, General Director of Thang Long Industrial Park II Co., Ltd, said the main reason was because Sumitomo "highly appreciated the investment environment in Hung Yen province". He said: “Hung Yen is the northern central region of Vietnam. Therefore, Hung Yen can be an investment destination for many Japanese businesses. Besides, in terms of labor, Vietnam is a populous country, of which more than 1 million people live in Hung Yen province. This will be an abundant source of labor. On the other hand, Japanese businesses highly appreciate the support of the government of Hung Yen province”.

Mr. Goki said that with such favorable investment environment, there will surely be more and more Japanese enterprises investing in Hung Yen province in the near future. 

According to Hung Yen provincial People's Committee, up to now, Hung Yen has attracted 448 foreign direct investment (FDI) projects, with a total registered capital of 4.6 billion USD, of which Japan is the leading country with 158 projects, with the registered capital of nearly 3 billion USD, accounting for 65% of total FDI into this province. In particular, Thang Long Industrial Park II invested by Sumitomo Group with an area of ​​350ha in Hung Yen has been filled, with over 80 Japanese investors with a total investment capital of USD 2.6 billion.

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