09:48 | 29/03/2018 Economy
A memorandum of understanding (MoU) on establishing an agency for promoting investment and supporting Japanese enterprises in investing in the northern province of Vinh Phuc (Japan Desk Vinh Phuc) was signed in the locality on March 26.
|At the signing ceremony - Source: diendandoanhnghiep|
Signatories were the provincial People’s Committee, the Sumitomo Group of Japan, and the Thang Long Industrial Park Co., Ltd.
Speaking at the signing ceremony, Chairman of the provincial People’s Committee Nguyen Van Tri highlighted the great contributions made by foreign-invested firms, especially those from Japan, to promoting the locality’s socio-economic development in recent years.
He said as of February 2018, Vinh Phuc was home to 278 projects worth over 4 billion USD invested by 16 countries and territories, 31 of them, valued at 816 million USD, were from Japan.
Vinh Phuc has also partnered with Japan’s localities and organisations, especially in investment cooperation and culture exchange.
The MoU aims to not only provide the best support for Japanese investors but also attract more firms from Japan to invest in the locality, he stressed.
Nguyen Tien Hanh, Director of the provincial Public Administrative Centre, affirmed the formation of Japan Desk Vinh Phuc will make it easy for Vinh Phuc to introduce its investment and business climate, and for Japanese firms to seek partners and ask for approval for their investment projects in the locality.
He said the provincial People’s Committee will proactively report conditions or preferences for Japanese firms to the Government, towards granting investment licences and business registration certificates for investment projects in Vinh Phuc within 3-5 working days.
Sumitomo is one of the five largest financial groups in Japan with experience in global-scale production and business sectors such as metal, means of transportation, construction machines, infrastructure development, minerals, energy, chemicals and electronics.
In Vietnam, the group has succeeded in developing, operating and managing industrial parks (IPs), including Thang Long I and II IPs, and Thang Long Vinh Phuc IP.
The group will be responsible for seeking potential companies in Japan which have intend to expand their business in Vinh Phuc, while assisting support industries in the locality.