Softbank should continue to expand investment activities in Vietnam, especially mega projects, to match its status as Japan’s largest financial group and the strong relation between Vietnam and Japan, Prime Minister Nguyen Xuan Phuc has said.
Prime Minister Nguyen Xuan Phuc (L) and Softbank’s CEO Masayoshi Son (R). Source: VGP
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Phuc also welcomed Softbank’s current investment activities in Vietnam, adding the country is pushing for greater improvements in business environment and among one of the world’s fastest growing economies.
Phuc stressed the extensive strategic partnership between Vietnam and Japan has brought mutual benefits for all parties concerned, in which Softbank has played a significant part.
At the meeting, Softbank’s CEO Son said the group has earned high profit from its investments in Vietnam over the past few years, including through its involvement in investment funds and tech firms.
Son added Softbank has invested US$3 billion in ride-hailing firm Grab, helping the latter to become the top tech firm in transportation in Southeast Asia, particularly in major markets of Vietnam, Indonesia, Malaysia and Singapore.
Son expected Vietnam to continue attracting foreign investment, as the process would reduce risks and bring in more new technologies to Vietnam.
Representative of Grab informed that thanks to the investment of Softbank, Grab has invested US$200 million in Vietnam, creating 220,000 jobs. The Singapore-based firm is investing an additional of US$500 million in Vietnam in the next five years to promote fintech, new mobility technologies and logistics.
