Japan's leading firms pledge to pour US$1 billion into Hanoi
Updated at Thursday, 11 Oct 2018, 07:58
The Hanoitimes - Hanoi authorities have committed to create the best conditions for Japanese investors.
A Hanoi leader on October 10 signed three Memorandums of Understanding (MoUs) valued at some US$1 billion with Japanese leading firms in trade and technology, reaffirming the city's attractiveness to foreign investors.
The MoUs were inked at the “Vietnam Trade Promotion Conference” held in Tokyo in the presence of Prime Minister Nguyen Xuan Phuc, who was on a visit to Japan on October 8-10.
In the MoU signed with AeonMall Vietnam Company, a subsidiary of AeonMall Corporation, the city authority pledged to facilitate the firm to build a shopping mall in Hoang Mai district and another one in Bac Tu Liem district (as expected), at a total cost of around US$500 million.
In the MoU signed with Taisei Rotec Corporation on exchanging advanced technologies in infrastructure- road maintenance, the city authority committed to create the most favorable conditions for the investor to examine, research, apply those technologies and head to build factory in the field in Vietnam.
Chairman of the Hanoi People's Committee Nguyen Duc Chung meets with Japanese business leaders on October 9
Meanwhile, in the MoU inked with Meiko Electronics Company, the city leader agreed to enable the Japanese firm to raise the investment by US$200 million in its project at Thach That- Quoc Oai industrial zone with the aim to broaden the production and manufacturing of electronic parts, circuit board, etc.
At the same time, Hanoi would introduce suitable sites where the investor can locate their facilities to launch new projects in high-tech agriculture with investment of around US$100-200 million. The total investment for those plans is expected to reach some US$500 million.
Chairman of Hanoi People Committee Nguyen Duc Chung, on behalf of the city authorities, signed those three MoUs with Japanese firms. Chung was on a trip to Japan, where he accompanied Vietnamese Prime Minister Nguyen Xuan Phuc, who attended the 10th Mekong-Asean Summit and paid an official visit to Japan.
Japan was the largest investor in the capital city this year, with a US$4 billion-plus smart city project, making Hanoi the most heavily invested locality in Vietnam year to date.
Japan currently is Vietnam's largest ODA donor, the second largest FDI investor with over US$52 billion and the fourth largest trading partner with US$33 billion. The country also leads foreign investors in Vietnam with registered capital of over US$9 billion in 2017 and US$7 billion in the first eight months of 2018, accounting for 28.8% of total registered capital.