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  Foreign Investment

New wave of Japanese investment in Vietnam

Ground breaks for Canon printing plant in Bac Ninh

Vietnam expects a second wave of foreign direct investment from Japan, which will come as a result of recent working sessions between the Vietnamese Government and Japan’s leading corporations.

Minister of Planning and Investment Vo Hong Phuc, who led the Vietnamese delegation to boost investment promotion in Japan during November 7-15, said Japan will be on the crest of a new wave of investment in Vietnam.

During the working sessions, president of the Japan-Vietnam Economic Committee Oka Motoyuki said Japan’s keen interest in Vietnam has intensified recently. The interest will help expand and increase investment in Vietnam, opening up new opportunities for a second wave of Japanese investment in the country.

Minister Phuc said Japanese investors have shown interest in such fields as production, manufacturing and services. Japan’s big corporations confirmed that many organisations in Japan plan to invest in Vietnam including financial institutions, insurances companies, the banking sector, trade companies and manufacturers.

Among the nearly 20 big corporations the delegation contacted, were several Japanese corporations already operating effectively in Vietnam including NEC, Mashusita, Canon, Toshiba, and Muitsui.

Vice director of Foreign Investment Agency (FIA) under the Ministry of Planning and Investment (MPI) Nguyen Anh Tuan said these corporations highlighted Vietnam’s investment environment and prospects. They have suggested a series of new projects and expanded investment in Vietnam. Some big corporations proposed a list of many projects, especially Sumimoto, which gave a list of 10 projects it’s working on with Vietnamese counterparts.

In general, these projects are in line with Vietnam’s investment orientations, especially in the field of producing high-tech and information technology products, said Mr Tuan.

Mr Tuan also revealed that about 40 projects have been discussed by both sides with total registered investment of billions of US dollars. Most of projects focus on the northern region and many of them are likely to bring about a series of other satellite projects in Vietnam. For example, if the project of Brothers Industries Ltd is implemented, six other satellite projects will need to be set up by Japanese investors.

It’s worth noting that the Vietnamese investment promotion delegation was received by five important ministries and leading groups of Japan. The comprehensive by preparations of Vietnamese ministries and agencies have helped the delegation’s working visit achieve remarkable results. Right after receiving the Prime Minister’s decision on sending an investment promotion delegation to Japan, relevant ministries and agencies directly discussed feasible projects with representatives from Japanese groups operating in Vietnam. Therefore, in Japan, only one common seminar was needed to provide additional information to investors who had not yet developed detailed projects. The Vietnamese side then directly met each Japanese group to hold further discussions on projects.

According to Minister Vo Hong Phuc, the Japanese side affirmed that Vietnam has enough ability to attract investment from Japan, thanks to the country’s good quality human resources, stable political situation, social order and safety, rich national resources, and high economic growth rates. Japanese investors also highly valued Vietnamese culture and people, as well as Vietnam’s commitment to co-operate with and befriending good friends of all countries in the world.

In addition, Vietnam has made great efforts to improve its investment environment so as to attract more domestic and foreign investors. The implementation of the Vietnam-Japan Investment Encouragement and Protection Agreement and the Vietnam-Japan Joint Initiative has created a firm foundation for Japanese businesses to invest in Vietnam. Furthermore, the success of Japanese-funded projects in Vietnam is considered an attractive invitation to other Japanese investors.

VOV - (18/11/2005)

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