There will be a new wave of investment from Japan: VCCI President

According Mr Katsuro Nagai, Minister of Japanese Embassy in Vietnam, Japan ranks 2^nd among 105 countries and territories investing in Vietnam. The number of registered projects accounted for 30 per cent comprising construction, retail sales, service, etc. Many projects have been symbols of Japan-Vietnam relations, such as Nhat Tan Bridge and Noi Bai International Airport Terminal. In the future, Japan will continue to contribute to the development of Vietnam, promoting the fine cooperation between the two countries.

 

Dr Vu Tien Loc, President of Vietnam Chamber of Commerce and Industry (VCCI), said that Vietnam in general and Hanoi in particular is proceeding with reform and integration of modern and advanced standards of the world. “When TPP comes to force, Japan will readjust its strategy of value chains with Vietnam. For their own interests, Japanese businesses are restructuring their investments with new inflow to Vietnam”. VCCI President called on Japanese investors to help Hanoi develop infrastructure for industry, tourism and service. Dr Loc emphasised that with the new and dynamic leadership of Hanoi Party Secretary Hoang Trung Hai and Chairman Nguyen Duc Chung, the city will improve its business environment and attract more Japanese investors in the coming years.

 

Mr Nguyen Gia Phuong, Director of Hanoi Promotion Centre of Investment, Trade and Tourism, said that in recent years, Hanoi has promoted tourism with Japan. In 2015, Hanoi received 230,000 out of 672,000 Japanese tourists visiting Vietnam. Hanoi industrial zones and hi-tech parks attracted 320 FDI projects with total investment capital of nearly US$5 billion, including 152 projects and US$2.8 billion from Japan.

Japanese businesses attending the workshop shared the view that Japan among others is leading in the number of licensed projects in such areas as construction, retail and services. As many as 70 per cent of Japanese businesses in Vietnam are planning to expand their investments.

 

Mr Nguyen Duc Chung, Chairman of Hanoi People’s Committee Hanoi is one of two major economic centres of Vietnam with a complete communication and transport network, 86 per cent of universities, institutes, over 30 per cent of the trained workforce, and a strong business community. It is truly a promising destination for Japanese investors.

Mr Ando Kengo, Secretary General of Japanese Business Association in Vietnam pointed out that Japanese businesses and tourists wish to see greater efforts in administrative reform to facilitate investors. “Japanese tourists have difficulties getting visas returning to Vietnam after visiting other Southeast Asian countries. It causes difficulties for Japanese tourism in organising their tours. In addition, permits and formalities in taxation also cause problems for import-export activities,” Mr Kengo added.

 

Speaking at the workshop, Hanoi Chairman Nguyen Duc Chung reaffirmed that comprehensive cooperation with Japan is a main factor of the socio-economic development and external relations of Hanoi. Hanoi wishes to strengthen further cooperation with Japan in various fields, especially investment, trade and tourism, as well as technology transfer for sustainable development. Hanoi promotes bilateral trade and tourism, attracting Japanese tourists and sending Vietnamese tourists to Japan. Therefore, Hanoi will ensure the best conditions possible for Vietnamese and Japanese businesses in their investment, trade and tourism. Hanoi authorities are shifting from “assisting” to “serving” business investments. “Hanoi Party Secretary and Chairman will be hand in hand with businesses in solving problems of investment formalities. For instance, investors in Thang Long industrial zone complained about delay for two years in parking area and gas station, I myself solved the issue in 20 days. Hanoi People’s Committee has readjusted the development plan allowing Thang Long IZ to operate gas station and parking area,” the Hanoi Chairman said.