Japan’s Mitsubishi Corporation plans to invest in an electric automobile manufacturing factory in Viet Nam, said Executive Vice President Hiroshi Sakuma during a meeting with Vietnamese Deputy Prime Minister Vuong Dinh Hue in Ha Noi on Wednesday.

At the meeting, Sakuma said his firm was evaluating the feasibility of the project and look forward to new regulations on environmental protection taxes to promote investment in the country.

Hue said Viet Nam’s National Assembly would soon discuss and pass the Law on Environmental Protection Tax. There would be incentives commensurate with environmentally friendly products.

The Mitsubishi Corporation is currently investing in two BOT (Build-Operate-Transfer) projects in Viet Nam, namely the Vung Ang 2 Thermal Power Plant (1,200 MW) and Vinh Tan 3 (1,980 MW) Power Plant.

The corporation and Viet Nam’s Ministry of Industry and Trade signed an investment agreement in early 2017, initiating the land lease contracts and purchasing power. In which, Mitsubishi expects the Vietnamese Government to soon resolve the ceiling limit for loans and tax incentives in order to put the project into operation soon, strengthening the electricity capacity of the Vietnamese grid.

Hue asserted that power projects were important to Viet Nam. He highlighted Mitsubishi’s business investments in energy, infrastructure, trade and services.

He wanted Mitsubishi to complete the necessary work for the two parties to sign the implementation of Vung Ang 2 and Vinh Tan 3 during the upcoming visit of Prime Minister Nguyen Xuan Phuc to Japan in October this year. — VNS