Vinh Phuc attracted 700 delegates to conference on Vietnam-Japan ties

In the framework of the conference, investors raised many questions about the procedures for receiving investment licences, investment opportunities, and solutions to deal with difficulties, and all of them received satisfactory answers.

The organising board also organised two press corners to clarify more information about the strengths of the provinces and the efforts to reform policies.

Speaking at the conference, Hoang Thi Thuy Lan, Secretary of Vinh Phuc Party Committee said that direct investment projects and projects from Japanese investors contributed an important role in fostering the province’s socioeconomic growth, simultaneously laying the foundation for tightening the relationship between the two countries.

“The investments of Toyota and Honda in Vinh Phuc, which were two of the first Japanese investors, established a solid foundation for the economic cooperation between the province and Japan. The two parties expanded the cooperation to other sectors, such as trade, investment, and science and technology,” Lan said.

Japan is currently the second-largest investor in Vinh Phuc (following South Korea) with nearly 60 projects with the total investment capital of over $1.4 billion. Japanese projects mainly invest in automobiles, motorcycles, and manufacturing.

Production and business activities of Japanese enterprises are growing well, contributing up to 70 per cent of the province's total annual budget revenue, creating jobs for nearly 24,000 workers.

By the end of May, Japan had 59 projects (out of a total of 435 foreign-invested projects in the province), with the registered capital of more than $1.62 billion.

Japanese Ambassador to Vietnam Yamada Takio noted the two countries boast practical and strategic relations in all spheres, from politics and security to economic, cultural, and social affairs.

He called on Japanese enterprises to continue promoting Vinh Phuc so that more companies from his country would invest in the province, adding that the embassy will do its utmost to boost Japan-Vietnam relations, including between Japanese localities and businesses in Vinh Phuc.

At the event, Vinh Phuc People’s Committee and the Japan External Trade Organisation signed an MoU on cooperation in investment promotions.

According to the MoU, the two parties will promote the investment capital inflow from Japan to the sectors, such as manufacturing and processing, supporting industry, and high-tech agriculture, among others. Besides this, they will support local businesses to join the global supply chain.