Japanese firms plan to pour $4 billion in Hanoi’s projects

Leading Japanese corporations on July 1 signed Memoranda of Understanding (MoU) with Hanoi to invest a total of close to 4 billion USD in projects in the capital city.

At the signing ceremony 

The MoUs were signed by Chairman of the Hanoi People’sCommittee Nguyen Duc Chung and representatives of the Japanese groups in Tokyo,Japan, in the presence of Prime Minister Nguyen Xuan Phuc.

They included the MoU between the Hanoi People’s Committee, Japan’sSumitomo Group and its Vietnamese partner BRG Group to develop projects in TayHo districts and Dong Anh Industrial Park in Dong Anh district at a combined investmentof 3 billion USD.

Hanoi also agreed with Hanoi-based IDS Equity Holdings andJapanese investors on a number of projects to build office buildings and hotelsin the city which are estimated to worth about 500 million USD and with Aeon MallVietnam, a subsidiary of Japan-based Aeon Mall Corporation to construct a 250-millinon-USDnew shopping mall in Bac Tu Liem district.

In a prior meeting with Chung, leaders of Japan-based NidecCorporation proposed to invest 1 billion USD in a project in the capital city.

Chung he been accompanying PM Nguyen Xuan Phuc in a working visitto Japan from June 30 to July 1. He held meetings with leaders of Mitsubishi,Sumitomo, Aeon, IDS Equity Holdings and Nidec to promote Japanese investment inHanoi.

He introduced Hanoi’s business climate and investmentincentive policies, saying the city has made concrete efforts to speed uppublic administration reforms and facilitate foreign investors. In 2018, thecity jumped up four places from the previous year in the ProvincialCompetitiveness Index (PCI) and led the country in FDI attraction.

The mayor also noted that Japan became the largest foreigninvestor in Hanoi last year and predicted the East Asian country will retainthe top spot this year. He pledged to provide support for Japanese investors interms of procedures, land lease and human resources training when doingbusiness in prioritized areas.-VNA

Leave your comment on an article