Sumitomo Plans Big Projects in Vietnam
The Japanese Sumitomo Corporation, which is seeking cooperation from other companies for a $16 billion project in the central province of Khanh Hoa, plans to carry out 12 mammoth projects in Vietnam in the coming time, said Sumitomo Corp Vice President Shuji Hirose.
"Vietnam persuades us with its highly favorable condition for economic development, fast-growing economy and political stability and it will be a top destination for us as well as many other investors in the years to come”, Hirose emphasized.
The upcoming projects will focus on infrastructure, energy, Hirose revealed, adding that these will play a key role in calling for foreign firms into Vietnam. He, however, has not yet detailed the investment capital.
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 $1.3 billion.
VNA
Vietnamese
