Prime Minister Phạm Minh Chính (right) meets with Yukihito Honda, Group CEO of the Japanese firm's Urban Infrastructure Development Group in Hà Nội on Tuesday. — VNA/VNS Photo

HÀ NỘI — Prime Minister Phạm Minh Chính expected Sumitomo Corporation to become a strategic investor of Việt Nam with greater contributions to the Vietnamese economy, while receiving Yukihito Honda, Group CEO of the Japanese firm's Urban Infrastructure Development Group in Hà Nội on July 22.

PM Chính highly valued Sumitomo's investment projects in Việt Nam, describing them as large in scale with strong spillover effects on socio-economic development in the Southeast Asian country.

He said the corporation’s contributions not only benefit project-hosting localities but also help advance the Việt Nam-Japan Comprehensive Strategic Partnership. Notably, the group-invested industrial parks in Việt Nam have attracted US$6 billion in investment and created jobs for over 90,000 workers.

The PM expressed his delight at the strong, practical and effective progress in the Việt Nam-Japan bilateral ties, now in the second year since being upgraded to the Comprehensive Strategic Partnership, marked by high political trust. He stressed that economic cooperation remains the cornerstone of the relationship, with Japan being Việt Nam’s top partner in official development assistance (ODA) and labour, the third-largest investor and tourism partner, and the fourth in terms of trade.

Emphasising the unlimited potential of Việt Nam-Japan economic cooperation, PM Chính called on Sumitomo, with its strong reputation and financial capacity, to further expand its presence in Việt Nam.

He encouraged the group to accelerate and enhance the effectiveness of its investments, particularly in areas of its strength such as infrastructure, finance, real estate, transport, railways, electronics, chemicals, high-tech agriculture, industrial parks, smart cities, logistics, digital transformation and green transition.

The Vietnamese leader urged the firm to make more contributions to green growth and circular economy in Việt Nam, helping the country meet its sustainable development goals and net-zero carbon emission commitments made at COP26.

For his part, Honda thanked PM Chính for his support and noted that Sumitomo is a diversified conglomerate mainly operating in manufacturing, energy, smart cities and electronic component production. With $3.2 billion in equity, it is ranked among the world’s top 500 companies.

Having operated in Việt Nam for 70 years, the Sumitomo Corporation is now taking part in the North Hanoi Smart City project. It has invested in industrial parks in Hà Nội, Hưng Yên, Phú Thọ, Thanh Hóa and Quảng Trị; participated in the EPC contract for HCM City’s Urban Railway Line No 1; and developed the Vân Phong 1 BOT thermal power plant, with a capacity of 1,320 MW, which has already been put into operation, he noted.

Agreeing with the PM's call to expand investment, Honda expressed Sumitomo’s commitment to contributing to Việt Nam’s development. He also asked for continued support from the Vietnamese Government in implementing current projects and backing for the proposed Vân Phong 2 gas-fired power plant project.

PM Chính welcomed Sumitomo’s new initiatives and pledged maximum support from the Government and local authorities. He reaffirmed Việt Nam’s commitment to maintaining an open, transparent, and stable investment climate, with simplified procedures and legal clarity.

He endorsed Sumitomo’s coordination with Hà Nội to develop a culturally rich, modern North Hanoi Smart City, encouraging the relevant sides to hold a ground-breaking ceremony for the project on the occasion of the 80th anniversaries of the August Revolution and National Day.

Regarding the proposed Vân Phong 2 gas-fired power plant, the PM tasked the Ministry of Industry and Trade to assess the project within the framework of Power Development Plan VIII, and asked the Sumitomo Corporation to work closely with the ministry so as to soon receive the answer. — VNA/VNS