Attracting Japanese Investors: Big Prospects

According to Mr Nguyen Phuoc Le, Director of Department of Planning and Investment, based on the advantages of the geographical location, natural conditions and economic potentials achieved in recent years, Ba Ria - Vung Tau has set out development goals to become an industrial province and a modern seaport hub, so in the coming time the province will focus on developing and attracting investment in priorities of supporting industries and logistics. To attract Japanese investors to these areas, the province has implemented various activities to enhance the investment climate, and boosted investment promotion to be ready to welcome Japanese investors in priority areas. Specifically, the province has established the Supporting Industry Development Executive Board led by the leaders of the provincial government; issued Procedures of investment in supporting industry in the province (Decision 2613 / QD-UBND dated November 11th 2013 of the PPC); established specialised industrial zones in mechanical engineering in the province; proposed to the Government about mechanisms of investment incentives in the field of supporting industries; promoted the reform of administrative investment procedures, and supported investors removing the difficulties and problems through periodic meetings with JBAH every 6 months. Especially to improve the investment environment, helping solve problems for investors and create favourable conditions for Japanese investors in the process of understanding of investment opportunities in Ba Ria - Vung Tau, the province has also established the Office of the Japan Desk with the support of Japanese consultants. Through the Japan Desk, the problems of the Japanese investors are recognised and treated promptly.

 

To supply the human resources for Japanese enterprises engaged in supporting industry to invest in Ba Ria - Vung Tau, the PPC has approved and implemented the scheme of training 1,000 employees for supporting industry for 3 years (2012-2015). The training programme includes teaching Japanese language and Japanese culture to the students; each course lasts 18 months; Besides, the province also supports the construction of utilities, thereby preparing the basic conditions to meet the needs of Japanese investors for utility services.

 

With the push of promotion programmes to attract Japanese investment, now Ba Ria - Vung Tau Province has 23 Japanese investment projects totalling more than US$2.4 billion (excluding investment in gas projects and ODA). Japan ranked 5th among countries investing in Ba Ria - Vung Tau. 15 projects have been put into operation with business lines, such as steel production, industrial glass, threaded pipe and petroleum processing, apparel, seaports contributing to economic restructuring, industrialisation - modernisation of Ba Ria - Vung Tau.

 

Although Japan's capital accounts for 9 percent of total investment capital registered in Ba Ria - Vung Tau, but contributes greatly to the process of local socio - economic conditions over the last 20 years, contributing to strengthening the friendly relations of Vietnam and Japan. Some of Japanese corporations have invested in Ba Ria - Vung Tau during the past years as Kyoei Steel, Nippon, Sumitomo, Itochu, Mitsubishi, Asahi Glass and so on; The investment activities of Japanese investors contribute to promoting economic growth, labour settlement, expanding export market, as the premise to develop supporting industry in the province as well as strengthening relations with domestic investors locally.

 

It is estimated that in the future, Japan will be one of the leading partners of Ba Ria - Vung Tau in terms of quantity as well as capital investment. To continue to attract Japanese investment, Ba Ria - Vung Tau will strengthen investment promotion activities on the basis of the potential and advantages of the province. Specifically, Ba Ria - Vung Tau will implement investment promotion in the list of projects calling for investment approval. The province also continues to attract investment to the industry and the development of the service sector, which give priority to the fields of port - logistics, supporting industry, and post-petrochemical industry. The province also gives priority to attracting modern technology, environmentally friendly projects; and discourages investment projects which consume a lot of energy, use more unskilled workers, use outdated technology and cause environmental pollutants and engaged in areas that affect national security.

 

Besides the province strengthens supporting investors of Phu My 3 IZ and Da Bac IZ to complete compensation, site clearance and infrastructure construction and technical workshops utility service area to attract secondary investors to continue reviewing, amending and supplementing investment procedures towards shortening the processing time, simplified procedures and records focal point; while implementing the training and development of industrial human resources and logistics support under the approved scheme.

 

Mr Le said we always welcome and create favourable conditions for Japanese investors to invest, do business in Ba Ria - Vung Tau, contributing to strengthening the friendship and cooperation for sustainable development and prosperity between the two countries Vietnam and Japan in the spirit of broad strategic partnership.