Business Business

23/08/2022 - 08:37

Opening door to Japanese investors

Japan is one of the strategic countries in attracting investment. Therefore, Thua Thien Hue province is focusing on building investment promotion strategies and attracting Japanese enterprises to invest in investment research.

Introducing local businesses and products in Thua Thien Hue

Efficient operation

Japan is a country that always maintains a high and stable investment rate and is always one of the two leading countries in Vietnam in attracting foreign investment. Investment projects of enterprises from Japan are evaluated that their operations are effective, applying quality technology, and making vital contributions to the local socio-economic development.

Statistics from the Department of Planning and Investment (DPI) show that, up to now, the province has had 15 direct foreign investment projects from Japan, with a total registered capital of more than $53 million.

Hue Food One Member Limited Liability Company, with 100% Japanese investment capital, is one of the first FDI enterprises to invest in Thua Thien Hue. This project was licensed for investment in 1997. It has been successfully implemented, built a good brand name in the market, and significantly contributed to the local economy.

The projects of Japanese investors also make a crucial contribution to creating jobs to help stabilize people's lives. For example, the garment project of MSV Co., Ltd. has created jobs for more than 1,000 employees. The information technology project of Brycen One Member Limited Liability Company is also operating effectively, employing over 300 high-quality human resources in IT within the area.

New projects with investment policies also open up many opportunities for economic development and multifaceted cooperation opportunities with Japanese investors. In particular, the Aeon Mall Hue project invested by AEON Vietnam Co., Ltd., with a total registered investment capital of $169.67 million (equivalent to 3,916 billion VND), carrying out investment procedures to implement the project, also opens up many expectations in the development of trade and services. This is because AEON Vietnam Co., Ltd. is an enterprise under the leading Japanese retail group with a history lasting more than 260 years of development in Japan and more than 10 years of growth in the Vietnamese market.

With certain successes in developing and operating shopping centers, general department stores and supermarkets, specialized store chains, and e-commerce, this enterprise is also "hunted" by many localities and “welcomed” with the expectation of creating a breakthrough in service trade.

Developing an investment attraction strategy

According to Mr. Phan Quoc Son, Deputy Director of the Department of Planning and Investment, Thua Thien Hue has many strengths in attracting foreign investors. Among these, the priority is given to attracting investment in the infrastructure of industrial parks and economic zones, tourism development (well-exploiting medical tourism), Information Technology, electrical and electronic supporting industries, supporting industry for the automobile industry, high-tech agriculture, cooperation in training high-quality human resources to serve labor needs in Japan, and promoting the opening of direct flights between Japanese localities and Thua Thien Hue province.

To increase accessibility to investors, Thua Thien Hue recently joined a delegation to promote investment, exchange cooperation, and tourism and trade in Japan. In addition to fostering local strengths and investment opportunities when participating in the multifaceted cooperation promotion program between Vietnam and Fukuoka province and the Kyushu region, the delegation also had social meetings and exchanges with leaders of Kyoto, Gifu prefecture, and the Osaka authorities.

At these meetings, provincial leaders expressed their desire to cooperate with Japanese enterprises in several fields, including industry, information technology, seaports, logistics services, hi-tech agriculture, new materials, biotechnology for agricultural production, and industry for processing agricultural products, tourism, tourist services, etc.

The province also wants the partner's side to connect so that vocational education institutions, Thua Thien Hue enterprises, and internship-receiving facilities in Japan can sign contracts to send interns and students to work in Japan in the form of internships to improve skills in the fields of information technology, textiles, high-tech agriculture, midwives and nursing.

Along with participating in and organizing investment promotion activities, Thua Thien Hue also strengthens local investment promotion and pays attention to the promotion and support for FDI enterprises. Especially, they also promulgate many policies to attract investment, improve administrative procedures, make the investment and business environment transparent, and create the best conditions for foreign investors to research and deploy the projects in the area.

“The province is continuing to support enterprises to remove inadequacies and obstacles in capital and banking and financial services, simultaneously, creating more detachment between the government and local FDI enterprises. This is to help FDI enterprises in general and Japanese enterprises, in particular, to have many perspectives on local development potential, thereby, working together to create a healthy and developing business environment," said Mr. Son.

Story and photo: Hoang Loan