PM Abe focuses on investment ties

Japanese Prime Minister Shinzo Abe’s January 16-17 official visit to Vietnam is expected to help Vietnam lure more Japanese investments. PM Abe’s visit highlighted efforts to bolster Japanese investment in Vietnam -Photo: VNA “More and more Japanese firms will come to Vietnam, focusing on many sectors such as construction, general commerce, high technology and agriculture,” and “Japan’s government will continue encouraging more Japanese firms to come to Vietnam to invest,” Abe stated during his visit. “In the eye of Japanese firms, ASEAN is the world’s growth hub, and Vietnam is strategically considered to be the core of that hub,” he said. Six co-operation agreements were inked during this visit (see box). Among the deals is one between the Vietnamese Ministry of Industry and Trade’s General Department of Energy and Vung Ang 2 Thermal Power JSC about constructing the $2.5 billion Vung Ang 2 thermal power plant in the central province of Ha Tinh. The project will be constructed by Japan’s Mitsubishi Group under the build-operate-transfer model. It is expected that the plant will become operational with its first 600 MW turbine in 2021 and with the second 600MW turbine in 2022. During Abe’s visit, the CEOs of 25 large Japanese groups worked with leaders of over 30 Vietnamese provinces and cities nationwide and many Vietnamese partners – about possibilities for them to invest in various industries like infrastructure, energy, electronics, machinery, agriculture, and health care. The groups include Sumitomo Corporation, Mitsui & Co., Ltd, Itochu Corporation, Mitsubishi Corporation, Canon Inc.,… [Read full story]