Chairman of the Provincial People's Committee Tran Quoc Van attends the Vietnam-Japan Economic Forum

Published on 16 - 12 - 2023

In the program to attend the Summit commemorating 50 years of ASEAN-Japan relations and conduct bilateral activities in Japan, on the morning of December 16, Prime Minister Pham Minh Chinh attended the Vietnam - Japan Economic Forum with the theme "Economic relations in a new era - Comprehensive strategic partnership for peace and prosperity in Asia and the world" in Tokyo (Japan).

The Summit witnessed the attendance of many leaders of ministries, branches, localities and businesses of the two countries. On the side of Hung Yen province, it saw the attendance of comrade Tran Quoc Van, Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee.

Chairman of Hung Yen Provincial People's Committee Tran Quoc Van and representatives of Sumitomo Group (Japan) exchange a Memorandum of Understanding (MoU) on cooperation to promote the Thang Long Industrial Park II project, phase 4.

At the forum, leaders of Japanese ministries, organizations and businesses highly appreciated Vietnam's high growth rate with appropriate policies, large market and elite human resources; at the same time, with the viewpoint of Partnership in co-creating the future economy and society, Japan will focus on cooperation and investment in Vietnam in fields, especially future industry, reduction of carbon emissions... The forum also heard representatives of Japanese businesses present the directions and proposals for cooperation and investment in green development and digital transformation in Vietnam in the coming time.

Speaking at the forum, Prime Minister Pham Minh Chinh emphasized that after 50 years of cultivating and building the friendship and cooperation between Vietnam and Japan, the political trust between the two countries is at a very high level. Japan is currently Vietnam's leading economic partner, ranking the second in labor cooperation, the third in investment and tourism cooperation, and the fourth in trade cooperation. The two economies have complemented each other and developed together.

Regarding investment, with over 5,200 projects and more than 71.5 billion USD in the registered capital, Japanese investors have been present in most localities of Vietnam, participating in many strategic projects in a number of such key fields as: production, processing industry and manufacturing; electronic components; research and development; finance; especially for new fields such as biotechnology; quantum technology; artificial intelligence (AI);

new generation healthcare. Regarding trade, bilateral trade turnover has reached more than 40 billion USD in the first 11 months of 2023, of which Vietnam's imports from Japan attained nearly 20 billion USD.

Prime Minister Pham Minh Chinh called on Japanese businesses to continue to invest and succeed in Vietnam, the investors' success is also Vietnam's success.

At the Vietnam - Japan Economic Forum, Prime Minister Pham Minh Chinh and leaders of Vietnam - Japan ministries, branches and localities witnessed the awarding ceremony of 30 cooperation agreements between ministries, branches and localities, agencies and businesses of the two countries in the fields of infrastructure development of industrial parks, urban areas, commercial centers, green hydrogen production, battery production, energy, finance, digital transformation, and human resource training... Among them, there is a Memorandum of Understanding between the People's Committee of Hung Yen province and Sumitomo Corporation (Japan).

Within the framework of the Forum, Chairman of Hung Yen Provincial People's Committee Tran Quoc Van and representative of Sumitomo Group (Japan) exchanged a Memorandum of Understanding (MoU) on cooperation to promote the Thang Long Industrial Park II project, phase 4.

Located in the north of Hung Yen province, Thang Long Industrial Park II has a favorable geographical location, only about 30km from Hanoi, about 70km from Hai Phong port and about 110km from Quang Ninh deep-water port.

In 2005, Hung Yen province allowed Sumitomo and Thang Long Industrial Park Limited Liability Company to research, do survey, plan project and act as investors to build and do business of the infrastructure of Thang Long Industrial Park II with a scale of 219, 6ha. After that, the joint venture parties agreed to establish Thang Long Industrial Park II Limited Liability Company as the direct investor to manage and operate the project. Up to now, after 3 phases, Thang Long Industrial Park II has developed with an area of 545.6 hectares.

In phase 4, Sumitomo Group will focus on expanding the commercial and residential area on an area of 391.7 hectares, with a total investment capital of 500 million USD.

Thang Long Industrial Park II is highly appreciated by businesses for its technical infrastructure, synchronous service provision, and investment in modern water treatment and supply systems. This is one of the model industrial parks and an important highlight in the strategy to attract domestic and foreign investors to Hung Yen. To date, this Industrial Park has received over 100 foreign-invested projects, with a total registered investment capital of more than 3 billion USD, mainly Japanese investors; including some large economic corporations such as: Kyocera, Hoya, Nippon, Daikin, Toto, Panasonic.

In recent years, Hung Yen province has bolstered attracting foreign investment, creating favorable conditions for foreign investors to invest in the province. To date, the total number of foreign-invested projects in the province is 534 projects with effective foreign-directed investment capital, with a total registered investment capital of about 6.7 billion USD; among them, investors from Japan lead the way in the number of projects with 173 projects and a total registered capital of more than 4 billion USD. There are currently about 170 Japanese FDI projects in operation, with a total investment capital of over 3.2 billion USD, thereby creating jobs for about 45,000 workers.

Hung Yen province values and calls for investors from Japan, especially large corporations to research and cooperate in investing in areas of strength and Hung Yen province has outstanding competitive advantages and development needs as processing and manufacturing industries; clean energy, renewable energy; developing digital government, digital economy and digital society; infrastructure, smart urban areas; developing modern agriculture; industrial area; developing logistics infrastructure; finance, banking. Hung Yen wishes to cooperate and mobilize resources from outside, especially investors from Japan. The province always welcomes Japanese investors and businesses to learn and invest in Hung Yen.

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