Hai Phong in Vietnam Still Maintains a Significant Partnership With Japan

Hai Phong is a major draw for Japanese investors, with leading companies such as Bridgestone, Shin-Etsu, Rorze International, and Nipro Pharma all investing considerable sums- Bridgestone has invested US $1.22 billion, Shin-Etsu US $442.25 million, Rorze International US $426 million, and Nipro Pharma US $250 million.

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Japan Remains Important Partner With Hai Phong
Signing memorandum of understanding on cooperation between Deep C Industrial Park and Japanese investors. Photo: VNA

In Japan, Hai Phong City People’s Committee in collaboration with the Embassy of Vietnam in Japan and Japan External Trade Organization (JETRO), ASEAN-Japan Center (AJC) on June 15 organized the Japan-Hai Phong Investment Promotion Conference 2023.

This is one of practical activities in response to the series of programs to celebrate the 50th anniversary of the establishment of diplomatic relations between Vietnam and Japan.

Attending the conference were Members of the Party Central Committee, Secretary of Hai Phong City Party Committee Le Tien Chau, Vietnamese Ambassador to Japan Pham Quang Hieu, together with leaders of departments, agencies and representatives of businesses in Hai Phong city.

On the Japanese side, there were JETRO Executive Vice President Aoyama Shigetoshi, representatives of agencies, businesses and investors.

In the opening speech, Secretary of the City’s Party Committee Le Tien Chau emphasized that Japan is Vietnam’s most important, reliable, and extensive strategic partner.

For Hai Phong city, Japan has become one of the important partners in many fields (environment, education-training, health care, agriculture). Hai Phong’s achievements in socio-economic development today have been contributed by the Japanese Government and investors.

Secretary of the City Party Committee Le Tien Chau said that Hai Phong currently has 151 large and small projects with a total investment capital of US $5.23 billion.

Typical Japanese projects in Hai Phong include Bridgestone (US $1.22 billion), Shin-Etsu (US $442.25 million), Rorze International (US $426 million), Nipro Pharma (US $250 million).

Japanese projects are concentrated mainly in the Japan-Hai Phong Industrial Park (44 projects with a total investment capital of US $1.5 billion).

Currently, Japan ranks second in number of projects and capital out of 42 countries and territories investing in Hai Phong.

Japan Remains Important Partner With Hai Phong
“Japan-Hai Phong Investment Promotion Conference 2023” is one of a series of activities to celebrate the 50th anniversary of the establishment of diplomatic relations between Vietnam and Japan. Photo: VNA

At the conference, the delegation of Hai Phong City introduced overview information about potentials, advantages, opportunities, and investment attraction policies in Hai Phong.

They listened to the exchange of ideas, and experiences of large Japanese investors and enterprises that succeeded in Hai Phong City.

They also answered and clarified the concerns of businesses in the process of researching and investing in the city.

In order to improve the production and business efficiency of investors who have been investing in the city as well as attracting new investors, Hai Phong city is committed to strongly improving the business investment environment.

The city focuses on developing infrastructure, especially transport infrastructure projects with regional connectivity, speeding up the progress of developing new industrial parks.

They synchronously implement solutions to improve work efficiency, attract high-quality labor resources, and create favorable conditions to support employees.

At the conference, JETRO Vice President Aoyama Shigetoshi affirmed that Hai Phong is one of the leading localities in attracting investment from Japan. With advantages such as infrastructure, the business environment, and policies to facilitate investment, he believed that Hai Phong will continue to be an attractive destination for foreign businesses.

The conference attracted the participation of more than 150 delegates representing agencies, organizations, enterprises and investors in Japan.

The event focused on areas where Japan has strengths such as manufacturing electrical, electronic, rubber, plastic, and chemical products.

The conference also witnessed the signing ceremony of the Memorandum of Understanding between Deep C Industrial Park and two Japanese investors including TBM, IHI.

Rosie Nguyen