Vinh Phuc Seeks Investment From Japan

A commemorative meeting was held on August 26 to celebrate the 50th anniversary of diplomatic relations between Vietnam and Japan. The purpose of the meeting was to strengthen the existing positive relationship between Vinh Phuc province and Japanese partners and investors. The aim is to further enhance the cooperative relationship between the two countries.

Speaking at the event, Vice Chairman of Vinh Phuc Provincial People’s Committee Vu Chi Giang emphasized that the friendship and cooperation between Vietnam and Japan has grown significantly over the past 50 years. This relationship has reached a higher level, with strong and comprehensive development in all areas.

Vice Chairman of Vinh Phuc Provincial People’s Committee Vu Chi Giang delivers his speech at the event. Photo: VNA

Japan is currently Vietnam’s most important economic partner. It is the largest provider of official development assistance (ODA), the second largest in labor, the third largest in investment and tourism, and the fourth largest in trade.

The cooperation between local communities and the exchange of people has been significantly enhanced, leading to a profound development in mutual understanding and friendship between the two nations.

Over the years, the cooperation relationship between Vinh Phuc and Japanese localities, partners, organizations, and enterprises has flourished, yielding substantial, widespread, and fruitful results.

Japanese businesses and entrepreneurs are honored at the event. Photo: VNA

Regarding friendship cooperation, Vinh Phuc has established cooperative relations with two Japanese localities, Akita province in 2015 and Tochigi province in 2021. The two sides have made significant strides in implementing friendship cooperation agreements, with a particular emphasis on cooperation activities in the fields of economy, investment attraction, and trade promotion.

Japan takes the lead in economic cooperation as it becomes the first country to launch an investment project in Vinh Phuc. As of the end of June 2023, Japan boasts 62 projects out of the total 454 foreign direct investment projects in the province. These projects have a registered capital exceeding USD 1.8 billion.

Japanese investors in Vinh Phuc are primarily involved in mechanics, automobile and motorcycle production, electronics manufacturing, and industrial park infrastructure development. Companies such as Honda, Toyota, Sumitomo, and Sojitz Corporation have a significant presence in the region. These Japanese firms contribute 88% of the local budget’s FDI revenue.

Vinh Phuc highly values the projects initiated by Japanese investors due to their exceptional brand reputation, effectiveness, and significant contributions to the province’s development in recent years.

Today’s cultural exchange program provides a valuable occasion to reflect on the 50-year journey of cooperation and development since the establishment of official diplomatic relations between the two countries. It also serves as an opportunity for Vinh Phuc province to acknowledge the significant contributions made by Japanese entrepreneurs and businesses to the growth and progress of the province,” emphasized Giang.

At the Vietnam – Japan Friendship Golf Tournament at Thanh Lanh Golf Course. Photo: VNA

On the same day, the Vinh Phuc People’s Committee organized the Vietnam-Japan Friendship Golf Tournament at Thanh Lanh Golf Course. The event was held in the morning and aimed to foster strong bonds of solidarity and friendship between local authorities, residents, and businesses in Vinh Phuc province and their counterparts from Japan.

This event provides an excellent platform for Japanese businesses and entrepreneurs to foster knowledge exchange, explore cooperation prospects, drive production and business activities, develop a diversified range of market-driven products, and overcome post-Covid challenges. It plays a crucial role in cultivating a resilient Japanese business community in Vinh Phuc and promoting mutual support for growth.