Japanese investors pump $732 million into Hưng Yên

Friday, Sep 29, 2023 04:30

Local authorities of Hưng Yên Province granted investment certificates to Japanese businesses. — Photo VTC News

Fourteen Japanese businesses have registered to invest US$732 million in northern Hưng Yên Province's industrial parks. 

These firms were granted investment certificates by local authorities during a conference here on Wednesday, VTC News reported. 

The licensed projects included a $132 million plant producing LCD polarising films used for smartphones and cars. The plant, being financed by Nitto Việt Nam Co, has a designed capacity of 48 million products per year. 

A $45 million Cot Vietnam factory that manufactures electronic components for mobile phones and computers is expected to churn out 144.6 million units annually. 

Among others were an automotive parts manufacturing plant, capitalised at $50 million; a factory on producing mechanical and engineering equipments valued at $31 million and the construction of ready-built factories for rent, worth over $29.6 million. 

During the conference, Trần Quốc Văn, Deputy Secretary of the provincial Party Committee cum chairman of the provincial People's Committee praised the long-term relationship between Việt Nam and Japan. 

Văn said his province has signed cooperation agreements with Kanagawa provinces and Nikaho City of Japan since 2015. 

In his speech at the event, Văn also briefed Hưng Yên's geographic advantages such as locating in the centre of the Red River Delta, belonging to the northern key economic region, adjacent to the eastern gateway of Hà Nội and near Nội Bài International Airport and major seaports of the North. That has helped facilitate the provincial socio-economic development, especially industrial development.

Currently, the province is home to seven industrial parks (IPs) under operation, covering more than 1,600ha. It is striving to have 17 operational IPs by 2024, 21 IPs by 2030 and 33 IPs by 2050. 

In 2022, the province's State budget revenue reached VNĐ51.4 trillion. Its gross regional domestic product (GRDP) last year grew about 12.8 per cent. Over the past eight months of this year, the locality's GRDP growth was at 8.21 per cent.

According to Văn, the above-mentioned achievements were largely thanks to the contributions of the business community, especially Japanese firms.

Japan is now the province's leading source of foreign investment, with 173 valid projects worth over $4 billion, accounting for 61 per cent of total foreign investment registered in the locality, he said. 

For his part, Nguyễn Hữu Nghĩa, Secretary of the provincial Party Committee, said  that Hưng Yên would always stand side by side and accompanying businesses.

Provincial authorities and relevant departments and sectors were willing to create favourable conditions and the most active support for investors when investing and doing business in Hưng Yên, Nghĩa said, adding that the province considered the success of businesses as its success.

In the future, Hưng Yên would make every effort to improve the province's investment environment, implement many transportation infrastructure projects and build essential infrastructure facilities of IPs.

Nghĩa added that the province would also focus on training highly skilled human resources, and developing urban areas and tourism services while promptly removing difficulties and guiding administrative procedures for businesses, especially Japanese ones. — VNS


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