New wave of Japanese investment to arrive in Vietnam

14:15 | 10/04/2016 Investment

A new wave of Japanese investment is expected to arrive in Vietnam in the near future thanks to the Trans-Pacific Partnership (TPP) Agreement.

New wave of Japanese investment to arrive in Vietnam

Chairman of the VCCI Vu Tien Loc (2nd from right) at a workshop held last month in Hanoi

According to Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc, Hanoi as an economic and trade hub in the north, is likely to be an attractive destination to foreign investors.

He suggested domestic business players proactively take this opportunity to make use of the preferential tariff as committed under TPP.

He noted that the country has spared no effort to improve the investment climate and management efficiency.

That Hanoi leaped two places in the Provincial Competitiveness Index (PCI) shows the city’s determination to better institutions and accompany businesses to attract foreign investment, especially in the field of tourism.

Director General of the Tien Bo International Company Nguyen Thi Thanh Nhan said numerous pharmaceutical and water environment companies are studying investment in Hanoi.

Japanese firms also showed special interest in the fields of designing and decorating the urban landscape and craft villages towards modern trends but still keep the capital’s traditional unique features, she said.

Besides, many are eyeing tourism and service projects in Hanoi, in recognition of the city’s historical and intangible cultural values, she added.

Minister of the Japanese Embassy in Hanoi, Katsuro Nagai, described the cooperation of businesses between the two countries through specific projects as a practical move to boost bilateral strategic relations.

In addition to transport, Japanese companies want to invest in tourism, he said, adding that the cooperation opportunities for Hanoi and Japanese businesses are promising if the two sides make good preparation.

The Hanoi Promotion Centre on Trade, Investment and Tourism have introduced Japanese firms to the city’s tourism potential and called on them to invest in hi-tech and industrial parks in the city, as well as some projects under the public-private partnership (PPP) form.

The Japan Desk set up by Hanoi in 2014 is effectively assisting Japanese businesses.

Regarding the investment ties between Hanoi and Japan, Chairman of the municipal People’s Committee Nguyen Duc Chung confirmed that the city treasures and hopes to expand cooperation with Japanese partners.

Hanoi will push ahead with administrative reform and synchronise its policies and institutions to support Japanese businesses and build a friendly investment environment./.

 

Source: VNA

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