Prime Minister of Vietnam and Minister of Economy, Trade and Industry of Japan chaired the Vietnam and Japan's Investment Promotion Conference with the theme "Vietnam and Japan enhance bilateral relationship and cooperation for development". Also, the event created the opportunity for leader representatives of ministries and provinces and cities from both sides, including Da Nang City to attend and share thoughts.
At the Conference, Chairman of the Da Nang People's Committee Le Trung Chinh together with Chairman and CEO of Sumitomo Corporation (Japan) Masayuki Hyodo and Chairwoman of BRG Group (Vietnam) exchanged the Memorandum of Understanding on Cooperation Development of Projects in Da Nang City under the witness of the Prime Minister and other representatives. Previously, on the afternoon of November 24, the signing ceremony of the Memorandum of Understanding between the three parties was held. According to the Memorandum of Understanding, Sumitomo Corporation will cooperate with BRG Group in researching and further calling for investment for projects in infrastructure and urban development in Da Nang City.
Exchanging Ceremony of the Memorandum of Understanding between Chairman of Da Nang People's Committee (center)
and CEO of Sumitomo Corporation (right) and Chairwoman of BRG Group (left) under the witness of the Prime Minister
Within the framework of the Conference, Prime Minister Pham Minh Chinh emphasized that Vietnam had many advantages for investors: a stable political environment and human security; and committed to create all favorable conditions in terms of institutions and administrative procedures for businesses, including Japanese enterprises, to further facilitate investment procedures effectively in Vietnam. Currently, Japan is among the top FDI investors in Vietnam with about 4,800 projects, with a total capital investment of more than 65 billion USD. Japan also presents among the top 3 countries with the highest number of tourists to Vietnam and at the same time, the largest ODA donor country for Vietnam, with an amount up to nearly 27 billion USD.
For Da Nang, Japan has been an important partner in investment and business, and is one of the key markets that the city is focusing on calling for investment. Japan is currently the country with the largest total capital investment in Da Nang City with more than US$ 985 million and 216 projects, accounting for 25.5% of the city's total FDI investment, focusing on manufacturing, information technology, real estate and tourism, service and R&D. Japan is also the largest export market, reaching 572 million USD, accounting for 37% of Da Nang City's export turnover. Da Nang City treats Japan as one of the key partners with strong financial and technical ability that needs to be prioritized for investment attraction. The City's Government commits to create all favorable conditions for Japanese investors to effectively set up and successfully implement projects in Da Nang City.
IPA DANANG
