Japanese corporations expand investment in Vietnam’s Long An Province

During the program, organized in Tokyo by the provincial administration, in collaboration with the Vietnamese Embassy in Japan and the Vietnam-Japan Economic Cooperation Promotion Association, Sumitomo Corporation signed a memorandum of understanding (MoU) to invest in a biomass raw material supply chain in Long An, particularly from the local plantation of Melaleuca trees.

Sumitomo, a leading Japanese forestry group, had previously poured US$110 million into the Vina Ecoboard project in the province.

Another significant MoU was signed between Chitose Group and the Prodezi Industrial Park in Ben Luc District.

The deal focuses on the implementation of advanced biotechnology solutions for wastewater treatment, organic fertilizer production, and hydroponic farming within the industrial park.

Besides, the association gave the Long An People's Committee a letter of intent for future cooperation in several areas, including high-quality human resource training, tourism development combined with high-tech agriculture, and the transfer of biotechnology, pharmaceuticals, and medical technologies.

Apart from these three agreements, a leading Japanese corporation specializing in waste treatment and energy production also expressed strong interest in investing in Long An.

The company plans to send a delegation to survey the waste treatment plant project in Thu Thua District to evaluate investment opportunities.

As part of its working trip in Japan, the delegation, led by the chairman of Long An Province, visited two high-tech agricultural models and advanced transportation technology projects.

The delegation also held meetings with eight top Japanese organizations, associations, and businesses such as IHI Corporation, Feager, Sapporo, JETRO, and the Ibaraki Agricultural Association.

IHI Corporation expressed its desire to invest in Long An Province's transportation infrastructure, particularly in upgrading National Highway 1 and several key routes in the province.

IHI, a multifaceted corporation, has engaged in several large-scale projects in Vietnam, such as Nhat Tan Bridge in Hanoi, Binh Bridge in Hai Phong City, and the Vung Ang thermal power plant.

Japan has got involved in 161 projects in Long An, with a total pledged capital of over $1.2 billion, ranking fourth in terms of both the number of projects and foreign investment capital among all international partners in the province.