Speaking to more than 100 representatives of Japanese firms participating in an event calling for investment to Hung Yen’s industrial parks (IPs) held in Tokyo, Phong underlined that the province badly needs cooperation in the transfer of modern and eco-friendly technologies, adding that Hung Yen will create favourable conditions for Japanese firms once they invest in the locality.

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Chairman of the provincial People’s Committee Nguyen Van Phong (left) presents a gift to Yasushi Fukuda, Executive Officer of Sumitomo Corporation

To attract foreign investors, the province has bolstered administrative reforms and information technology application. It has worked to raise capacity of civil servants, as well as speed up infrastructure and land clearance.

The same day, Hung Yen inked a memorandum of understanding (MoU) with Sumitomo Corporation, paving the way for the expansion of Thang Long IP II in the province.

Under the MoU, groundbreaking is scheduled for 2021, with lots to be offered in 2022. It will be one of the biggest Japanese industrial parks in Vietnam.

General Director of Thang Long IP II Goki Nobuta said the Sumitomo highly values the investment climate in Hung Yen, which is located in the centre of northern Vietnam and boasts abundant labour resources.

Hung Yen is currently home to 448 foreign direct investment (FDI) projects, with a total registered capital of 4.6 billion USD, according to the local People’s Committee.

Of the figure, Japanese investors have taken the lead with nearly 3 billion USD, accounting for 65 percent of the total FDI capital poured into the province.

Source: VNA