The Japanese Sumitomo Corporation is seeking cooperation from other companies for a total investment of US$16 billion to develop the Van Phong Economic Zone (EZ) in the central province of Khanh Hoa, the Ministry of Planning and Investment reported.
“We see great economic potentials and advantages in Van Phong EZ, which is even much better than ports in Singapore and Malaysia,” said Sumitomo Corp Vice President Shuji Hirose, adding that with the proximity to international shipping lanes and an average depth of 20-22m, it is an ideal place for transshipment development.
The Van Phong EZ plan is designed to build transshipment ports, eco-tourism, industrial zones and aquatic breeding areas, he revealed.
“If we could offer lower port fees, we are sure that Van Phong will be more competitive than other ports in the region and in the world," the vice president added.
Hirose, also chairman of Vietnam-Japan Joint Economics Committee, revealed that his company will also pump a huge investment into a gas-power project in Binh Thuan province shortly.
In related news, the Japanese group plans to build additional two industrial zones in Hanoi and northern Hung Yen province, state media reported, adding that, the detail construction has, however, not been available at the moment.
Sumitomo, which operates in a wide range of electronics, chemicals, real estate and finance services, has to date invested around 30 projects in Vietnam, mainly focusing on industrial zones, power plants, electronics, mechanical engineering and foodstuff.
Last year Sumitomo’s projects in Vietnam reached total import-export turnover of US$1.3 billion.
VNA
Vietnamese
