VĨNH PHÚC – The People’s Committee of northern Vĩnh Phúc Province signed a memorandum of understanding (MoU) on Monday with the Sumitomo Group of Japan and the Thăng Long Industrial Park Co. Ltd.

The MoU was signed to establish an agency for promoting investment by Japanese enterprises in the province.
Speaking at the signing ceremony, Chairman of the provincial People’s Committee Nguyễn Văn Tri highlighted the contributions made by foreign-invested firms, especially those from Japan, in promoting the locality’s socio-economic development in recent years.
According to him, as of February 2018, Vĩnh Phúc was home to 278 projects worth over US$4 billion invested by 16 countries and territories, 31 of which were from Japan and were valued at $816 million.
Vĩnh Phúc has also partnered with Japanese localities and organisations, especially to promote investment cooperation and cultural exchange.
The MoU aims to not only provide the best support for Japanese investors but also attract more Japanese firms to invest in the locality, Tri said.
Nguyễn Tiến Hạnh, Director of the provincial Public Administrative Centre, affirmed that the formation of Japan Desk Vĩnh Phúc would make it easy for the province to introduce its investment and business climate as well as for Japanese firms to seek partners and ask for approval for their investment projects in the locality.
He said the provincial People’s Committee would proactively report conditions or preferences of Japanese firms to the government towards granting investment licences and business registration certificates for investment projects in Vĩnh Phúc within three to five working days.
Sumitomo is one of the five largest financial groups in Japan with experience in global-scale production and business sectors such as metal, transportation, construction machines, infrastructure development, minerals, energy, chemicals and electronics.
In Việt Nam, the group has succeeded in developing, operating and managing industrial parks (IPs), including Thăng Long I and II IPs and Thăng Long Vĩnh Phúc IP.
The group will be responsible for seeking potential companies in Japan that intend to expand their business in Vĩnh Phúc, while assisting support industries in the locality. - VNS