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Vietnam’s Binh Duong Province lures more large FDI projects from Japan

Vietnam’s Binh Duong Province lures more large FDI projects from Japan

Saturday, September 09, 2023, 14:42 GMT+7
Vietnam’s Binh Duong Province lures more large FDI projects from Japan
The signing ceremony for a cooperation agreement between the Binh Duong administration and the government of Japan’s Yamaguchi Prefecture on September 8, 2023. Photo: T.D. / Tuoi Tre

Many investment registration certificates and construction permits have been awarded to Japanese investors for their large-scale foreign investment project (FDI) projects in Vietnam’s southeastern Binh Duong Province at a ceremony on Thursday.

The ceremony was held within the framework of the “Meet Japan 2023” program launched on Friday at the provincial Convention and Exhibition Center, attracting about 400 delegates from both Vietnamese and Japanese sides. 

The three-day program was hosted by Binh Duong authorities in coordination with the Ministry of Foreign Affairs and the government of Japan’s Yamaguchi Prefecture to mark the 50th anniversary of Vietnam-Japan diplomatic relations.

Among the large Japanese investors receiving the investment registration certificates and construction permits were Nitto Denko Vietnam Co., Ltd. with a stage-6 factory project worth US$113 million, YUWA Vietnam Co., Ltd. with a $40 million injection to its existing project, and SKM Vietnam Company Limited with a plant valued at $10 million.  

The event saw Becamex IDC Corporation, a Vietnamese conglomerate based in Binh Duong, enter into a cooperation agreement with Japan’s AEON Group, which previously developed a $5.1 million project in the province’s Binh Duong New City.

Many cooperation projects between Vietnam and Japan, including the one for Japan to train high-quality nurses for Binh Duong, were also announced at the ceremony.

Japanese investors have so far operated some 350 projects with a total investment capital of $5.9 billion in the province.

Addressing the event, Permanent Deputy Foreign Minister Nguyen Minh Vu said the relationship between Vietnam and Japan is “that between the friends.” 

Amid the current shift of global supply chains, and the complexities facing the world economy, Japanese investors still believe in the investment environment in Vietnam in general and Binh Duong Province in particular, the diplomat commented.

The ongoing “Meet Japan 2023” offers a good opportunity for Binh Duong’s agencies and businesses and their Japanese partners to review and beef up their current cooperation, as well as explore new cooperative areas, the provincial authorities said.

Binh Duong is a dynamic locality in Vietnam’s southern key economic region and has been twinning and cooperating with many Japanese cities. 

Vietnam and Japan established diplomatic relations on September 21, 1973 and the bilateral ties have fruitfully developed ever since.

The Northeast Asian country is Vietnam’s fourth-largest trade partner, with two-way trade reaching nearly U$50 billion last year, according to official sources.

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Vinh Tho - Ba Son / Tuoi Tre News

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