The People’s Committee of Vinh Phuc held a conference on Wednesday to attract more strategic investors from Japan to the northern province.
The event looked to promote the attraction of strategic investment to such fields as processing, manufacturing, hi-tech agriculture, trade, and services while creating opportunities for local enterprises to boost cooperation with Japanese partners.
Representatives of JV Livestock Co Ltd, Sojitz, and Vietnam Dairy Products JSC (Vinamilk) said they had received assistance from local authorities to address obstacles and difficulties related to administrative procedures, tax, and site clearance, among others.
Other businesses noted that Viet Nam is a big market, and Vinh Phuc boasts favourable conditions. Japanese firms hope to cooperate with the province to set up production chains in some potential sectors if possible.
By the end of 2022, Vinh Phuc was home to 1,270 investment projects, including 445 foreign direct investment (FDI) projects worth US$7.55 billion and 825 domestic direct investment ones worth over VND121 trillion ($5.1 billion).
Among the 20 countries and territories investing in the province, Japan ranked second with 58 projects worth more than $1.6 billion, after the Republic of Korea in registered capital.
Most Japanese investors in Vinh Phuc are operating in mechanics, automobile and motorcycle production, electronics manufacturing, and industrial park infrastructure development. They account for 88 per cent of FDI firms’ contributions to the local budget, according to the provincial People’s Committee. — VNS