On March 1, 2013 at the VCCI head office, President Vu Tien Loc of the Vietnam Chamber of Commerce and Industry (VCCI) hosted a meeting with Mr Nakamura, President of Sumitomo Corporation of Japan, during his visit to Vietnam for the commemoration of the 40th anniversary of Vietnam - Japan relations.
Mr Nakamura said Sumitomo highly values Vietnam as it is the most important and attractive market for Japanese businesses. Many Japanese companies place strong expectations in Vietnam’s economic development.
He said Sumitomo gets involved in many projects in Vietnam in various areas like infrastructure, communications, electricity, railways, power, coal and oil. He expressed his hope to see its projects be sped up.
He added that to attract Japanese investors, Vietnamese authorities should reduce administrative procedures and speed up contract negotiations of major projects to reach early consensus with relevant ministries and agencies. He hoped Vietnam will soon resolve this issue and strengthen the exchange and cooperation of relevant ministries and agencies.
He noted that when ministries and agencies in Vietnam work with Sumitomo’s projects, the progress is very fast, favourable and effective, but when the corporation works with them, the progress is very slow.
He added that Vietnam needs to develop electrical energy to suit its rapid socio-economic development, but the time needed for procedural negotiations and contract signing for a power project is up to five years. If the time is shortened to three years, Vietnam can build more projects. This will draw more interest from foreign investors, especially those engaged in energy industries. Besides, this will encourage foreign investors to expand their business scales and improve the investment environment in Vietnam.
VCCI President Vu Tien Loc said Sumitomo’s assessments and proposals will soon be summarised and submitted to the Prime Minister in an upcoming meeting. He also hoped Japanese companies in general and Sumitomo in particular will continue to invest and expand in Vietnam and support Vietnamese enterprises in areas like logistics and the supporting industry.
He affirmed that whenever Mr Nakamura wants to exchange anything, he can contact him to exchange it and seek a solution.
He added that VCCI will collaborate with the Ministry of Planning and Investment to hold a forum on Vietnam - Japan economic cooperation in June 2013 in commemoration of the 40th anniversary of Vietnam-Japan diplomatic relations.
Mr Nakamura said this event interests a lot of Japanese companies and many will take part.
According to VCCI’s surveys, Sumitomo is now carrying out 40 projects in Vietnam covering many fields like construction, iron and steel production, industrial park development, automobile trading, logistics, and electric energy. Particularly, Thang Long Industrial Park (TLIP) in Hanoi City and Thang Long Industrial Park II in Hung Yen Province are attracting a lot of Japanese enterprises into Vietnam.
In 2012, Sumitomo developed some important projects. On April 26, 2012, the corporation set up a wholly owned garment - textile subsidiary in Vietnam called Sumitex International Ltd. On May 16, 2012, it won a bid to build Subway No. 1 in Ho Chi Minh City - the first express city transport system in Vietnam. On October 25, 2012, Sumitomo joined hands with Kyoei Steel Co. Ltd and Bac Viet Steel Joint Stock Company to establish Nippon & Sumikin Metal Wares to produce construction steel products.
Especially, from 2008 to 2012, Sumitomo collaborated with VCCI and the National Economics University to organise a training series called "Governance in Global Corporations." The final lecture was held on April 20, 2012.
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