Japanese groups pledge further investment in Hanoi

Nguyen Duc Chung, Chairman of the Hanoi People’s Committee, works with representatives from IDS Equity Holdings (Photo: VNA)

There were several prominent MoUs on the projects between the Hanoi People’s Committee and Japanese groups such as Sumitomo, BRG, AeonMall Co, Ltd, IDS Equity Holdings, and Nidec in the fields of industrial parks, hotels, offices, and shopping malls in the city.

The signing of the MoUs was the outcomes of the working session held between Mr Chung and Japan’s leading business representatives as part of the working visit to Japan by PM Phuc from June 30 to July 1.

During the sessions, the municipal leader briefed participants on Hanoi’s investment climate and policies, noting that the city has exerted great efforts in making administrative reforms to facilitate investment and business activities of foreign enterprises.

As a result, Hanoi’s Provincial Competitiveness Index jumped up four places in 2018 from the previous year while the city also took the lead in attracting foreign direct investment (FDI) last year.

Until the end of May 2019, Hanoi remained the top FDI attractor with more than US$41.2 billion being put into the city in the form of FDI projects, including 4,850 valid projects with total registered capital of US$34.2 billion. Meanwhile, 1,850 foreign investors also spent US$7 billion acquiring shares in Vietnamese firms.

Before 2015, Japan ranked fourth among the list of foreign investors in the capital. Last year saw Japan surpass other nations to become the biggest investor in the city which is likely to retain the top position in 2019, Chung added.

During the working sessions,  he  also informed Japanese businesses about the city’s orientations and priorities for FDI attraction, revealing that Hanoi has pledged to support Japanese firms in terms of formalities, land, and human resource training.

For their part, leaders from Japanese groups highlighted Hanoi’s investment climate and  promised to inject more money into the city.

Representatives from Sumitomo and BRG expressed their desire to implement a smart city project in the east of the capital while Nidec leaders want to speed up projects relating to the production of hi-tech electronic equipment and components in Hoa Lac Hi-Tech Industrial Park.

 Mitsubishi representatives said they are keen  to invest in real estate projects surrounding the city’s railway stations.