Chairman of Nghe An Provincial People's Committee attended the Dialogue with the Economic Delegation of Toyama Province (Japan)

Overview of the Ministry of Planning and Investment organizing a Dialogue with the Economic Delegation of Toyama Province (Japan). Photo: Quynh Trang

JAPAN RANKED 3RD/141 AMONG COUNTRIES AND TERRITORIES INVESTING IN VIETNAM

Speaking at the opening of the seminar, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc said that Vietnam has been included in the list of the top 20 countries attracting FDI in the world by the United Nations Conference on Trade and Development (UNCTAD); foreign direct investment capital realized in the first 11 months of the year reached nearly 20 billion USD, an increase of 15.1% compared to 2021.

Deputy Minister Nguyen Thi Bich Ngoc emphasized that the Vietnam-Japan relationship is in its best development phase; the two countries have much room to promote cooperation in various fields to be worthy of the relationship of "comprehensive and trustworthy strategic partnership for peace and prosperity in Asia".

During Prime Minister Pham Minh Chinh's official visit to Japan in November 2021, the two Prime Ministers agreed to promote socio-economic development cooperation through close coordination in implementing major projects such as infrastructure development projects; Vietnam's industrialization strategy; smart urban development, strengthening supply chains, especially strongly implementing the Vietnam - Japan Joint Initiative, Supply Chain Diversification Initiative, Digital Transformation Initiative and Technology Innovation Partnership Initiative between the two countries.

Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc delivered the opening speech at the seminar. Photo: Quynh Trang

As of November 20, 2022, the country has nearly 5,000 valid projects with a total investment capital of about 68.8 billion USD from Japan, ranking 3rd out of 141 countries and territories investing in Vietnam. Of which, Toyama province has invested in 29 projects with a total registered capital of about 134.6 million USD in 10 provinces and cities of Vietnam, including 16 projects in the field of processing and manufacturing industry with a total registered capital of about 121.1 million USD.

On the other hand, up to now, Vietnam has had 101 valid investment projects in Japan with a total registered investment capital of 18.9 million USD, ranking 36th out of 79 countries and territories where Vietnam invests abroad.

Believing that the potentials and strengths of Toyama province are also priority areas for attracting investment from Vietnam, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc hopes that the Toyama provincial government will continue to closely cooperate with the Ministry of Planning and Investment and other ministries, branches and localities of Vietnam to continue promoting cooperation and investment activities, especially in the fields of mechanics, manufacturing, high-quality agriculture and creating favorable conditions to support Vietnamese enterprises in cooperation and technology transfer; research and development; building cooperation programs to train and improve the quality of human resources.

A corner of Toyama province (Japan). Photo: Internet

Mr. Nitta Hachiro - Governor of Toyama Prefecture, Japan said that since the Memorandum of Understanding on economic exchange between Toyama Prefecture and the Ministry of Planning and Investment was signed in December 2016, the province has actively coordinated with Vietnamese agencies and localities to organize many investment promotion programs, and economic exchange activities have become more vibrant.

At the same time, he expressed his impression of Vietnam's stable economy despite the volatile world context, the country's GDP growth rate in 2022 is still estimated at 8%. Mr. Nitta Hachiro affirmed that Vietnam is always a priority country where Toyama prefecture enterprises wish to invest and expand their business activities.

WELCOME BUSINESSES FROM TOYAMA PROVINCE TO SURVEY AND SEEK INVESTMENT OPPORTUNITIES IN NGHE AN

Speaking at the seminar, Chairman of Nghe An Provincial People's Committee Nguyen Duc Trung gave an overview of the natural conditions, strategic location, population size, human resources, and potential for trade and service development of Nghe An province.

Currently, Nghe An province's economic scale ranks 12th out of 63 provinces and cities; the GRDP economic growth rate in 2022 reached more than 9.08%. As of November 30, 2022, the province has 115 FDI ​​projects with a total investment capital of more than 2.5 billion USD from 14 countries and territories. Of which, Japan is the 7th largest investing country, with a total investment capital of 140 million USD with 13 investment projects.

Chairman of Nghe An Provincial People's Committee Nguyen Duc Trung speaks at the seminar. Photo: Quynh Trang

In the past 3 years, despite being affected by the Covid-19 pandemic, Nghe An provincial authorities have paid great attention and created the most favorable conditions for investors and businesses to carry out investment, production and business activities, ensuring safety, stability and development. As a result, they have attracted 4 FDI investors in the global supply chain in the technology sector such as Goertek, Everwin, Ju Teng, Luxshare ICT with a total investment capital of 1.23 billion USD. In 2022, for the first time, Nghe An was in the top 10 localities attracting the highest FDI capital in the country.

The Chairman of the People's Committee of Nghe An province emphasized that to achieve the above results, there were active contributions and important support from the Japanese Government, organizations and enterprises from Japan. Over the past years, Nghe An has always received attention and support from the Japanese Government through the Japan International Cooperation Agency (JICA) and the Japan External Trade Organization (JETRO).

To prepare conditions to continue welcoming the wave of foreign investment in general and Japanese investors in particular, Nghe An province has prepared land, synchronous infrastructure and high-quality human resources.

Regarding site preparation, the Southeast Nghe An Economic Zone is one of 19 coastal economic zones in the country, with an area of ​​over 20,770 hectares, enjoying the highest investment incentives from the Vietnamese Government. Of which, 3 industrial parks have been invested in synchronous and complete infrastructure such as: VSIP Industrial Park, WHA, Hoang Mai 1 and continue to develop new industrial parks. By 2025, Nghe An province will ensure that there is enough land fund with clean land and synchronous, modern infrastructure to welcome a new wave of investment (over 2,000 hectares).

Panorama of VSIP Nghe An Industrial Park. Photo: Thanh Cuong

Regarding the preparation of connecting infrastructure, strategic transport infrastructure is being invested synchronously, such as the North-South Expressway section through Nghe An is being promoted and urgently completed; Cua Lo International Deepwater Port will be invested in construction and put into operation by the end of 2025; Vinh International Airport is continuing to invest, upgrade, and establish a number of domestic and international flight routes in the coming time. The infrastructure system and social services are attracting investment for diverse development and are increasingly complete.

On the other hand, Nghe An province annually adds to the labor market about 45,000 people out of a total of more than 1.6 million workers in the whole province, especially among them there is a large number of workers who have studied and worked in Japan and will return to immediately meet the requirements of language, qualifications and vocational skills for Japanese investors.

The head of the People's Committee of Nghe An province emphasized that, along with investing in synchronous and modern transport infrastructure, industrial park infrastructure, and developing social service infrastructure, Nghe An province has been determined to innovate and substantially reform the favorable, safe and trustworthy investment environment for investors and businesses to continue to attract and better serve investors in Nghe An province.

After listening to the introduction of Toyama province, trusting and appreciating the development of Toyama province and its enterprises. Nghe An province wishes to welcome enterprises to survey and seek investment opportunities in Nghe An in the fields of: manufacturing and processing industry, high-tech industry, food industry and culture - tourism.

Delegates attending the seminar took a souvenir photo. Photo: Quynh Trang

Nghe An Provincial Government identifies the success of investors as a measure of fulfilling obligations and a strong driving force for socio-economic development. Nghe An commits to building and creating a safe, favorable and trustworthy investment environment for all investors in the homeland of President Ho Chi Minh.

On this occasion, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc and Governor of Toyama Prefecture re-signed the Memorandum of Understanding between the Ministry of Planning and Investment and Toyama Prefecture and decided to establish the Toyama Support Desk. This will be the basis to further promote cooperation between the two sides as well as support the promotion of economic exchange cooperation between Vietnam and Japan, deepening and more comprehensively the good relationship between the two countries, for the common prosperity of the two countries.