Sumiden Vietnam Automotive Wire head office. — Photo umitomoelectric.com

Sumiden Vietnam Automotive Electric Cable Co., Ltd (Sumiden Vietnam), a member of Sumitomo Group (Japan), asked to expand a manufacturing plant producing electric cables for the automotive industry in Hai Duong Province.

The firm asked for an environment grant to help it increase the production scale of the current factory in Dai An Industrial Park from 11,700 tons of products per year to 14,000 tons per year.

It is known that the additionally registered investment capital for the expansion was VND239.19 billion (US$10.5 million), bringing the project's total investment capital to VND969.3 billion.

Sumitomo is one of Japan's largest trading and investment groups with more than 400 years of history. They own another project in Hai Duong through Sumidenso Vietnam, a manufacturing factory of electrical wires and electronics used in the electronics and automobile industries since 2012, in Nghia An Industrial Complex, Ninh Giang district.

In Viet Nam, Sumitomo has a series of major projects, such as Thang Long Industrial Park in Ha Noi, Thang Long Industrial Park 2 in Hung Yen and is the general contractor for the construction of the elevated section of the urban railway in HCM City and the general contractor for the construction of thermal power plants Pha Lai, Duyen Hai 3 expansion, Phu My 2-2.

In the banking and finance sector, by the end of 2021, SMBC has completed the trade $1.4 billion deal to buy 49 per cent of FE Credit's capital from VPBank. This billion-dollar deal is believed to be a stepping stone for SMBC to become a strategic shareholder of parent bank VPBank. — VNS