Deputy PM receives Mitsubishi Corp.’s executive vice president

16:32 | 30/08/2018 Events

Deputy Prime Minister Vuong Dinh Hue hosted a reception for Hiroshi Sakuma, Executive Vice President at Japan’s Mitsubishi Corporation, on August 29.

Deputy PM Vuong Dinh Hue (R) receives Executive Vice President at Japan’s Mitsubishi Corporation, Hiroshi Sakuma, in Hanoi on August 29 - Photo: VGP

Hiroshi Sakuma affirmed that Mitsubishi is investing in two BOT thermal power projects in Vietnam – Vung Ang 2 with a designed capacity of 1,200MW, and Vinh Tan 3 with a designed capacity of 1,980MW.

Vietnam’s Ministry of Industry and Trade and Mitsubishi signed an investment agreement in early 2017, including land lease and power purchase contracts.

Mitsubishi expects that the Vietnamese Government will soon resolve bottlenecks related to tax incentives in order to put the projects into operation, thus increasing the electricity supply capacity for the Vietnamese market, he said.

In addition to these thermal power projects, Mitsubishi plans to invest in an electric car manufacturing factory in Vietnam, he added, noting that the Japanese corporation is currently evaluating the feasibility of the project. It is looking forward to new regulations on environmental protection taxes in order to speed up investment in the factory.

For his part, Deputy PM Hue highly valued Mitsubishi’s business dealings and investment in energy, infrastructure, trade, and services, affirming that power projects are of national significance in Vietnam.

The Vietnamese Government attaches great interest to the Vung Ang 2 thermal power project and has already agreed on the foreign currency conversion of this project, he said.

He hoped Mitsubishi will continue the necessary works for the two sides to sign cooperation agreements on implementing the projects Vung Ang 2 and Vinh Tan 3 by October 2018 during Prime Minister Nguyen Xuan Phuc’s visit to Japan.

Vietnam hopes that Mitsubishi will promptly decide to invest in the electric car project, he noted.

The National Assembly of Vietnam will discuss and approve the draft law on environmental protection tax in the near future, he said, adding that there will be incentives commensurate with environmentally-friendly products.