(MoU) with leading Japanese corporations for investments worth US$3.75 billion.
Overview of the ceremony.
The MoU was signed at the conference on promoting investment in Vietnam held in Tokyo on July 1.
Among the deals were the MoU between Hanoi’s authority and the joint venture of Sumitomo and BRG on two projects, including the Vietnam – Japan complex in Tay Ho district and Dong Anh Industrial Park development in Dong Anh district for combined investment capital of US$3 billion.
Another major corporation, Nidec, also signed an agreement to set up a production facility in Hanoi for manufacturing hi-tech products.
Notable deals included a cooperation agreement between IDS Equity Holdings and Japanese investors for the construction of offices, apartments and hotels in Hanoi with total investment capital of US$500 million, and a US$250-million shopping mall in Bac Tu Liem district financed by AEON Mall Vietnam.
At the conference, Hanoi’s mayor Nguyen Duc Chung briefed investors on the city’s business environment and its incentive policies to attract foreign investment.
Over the past few years, Hanoi has been focusing on reforming administrative procedures and creating favorable conditions for foreign companies doing businesses in the capital, Chung added.
The city is committed to supporting enterprises in terms of administrative procedures and training human resources for investors in priority fields, Chung stressed.
For the first time since the launch of the provincial competitiveness (PCI) index report in 2005, Hanoi has been ranked among the top 10 positions nationwide in 2018, claiming the 9th rank out of 63 provinces and cities, up four places compared to the previous report.
Among 55 cities and provinces having received direct foreign investment (FDI) in the first six months this year, Hanoi has attracted the largest portion of capital commitments with over US$4.79 billion, accounting for 28.6% of total investment nationwide in the period.
As of May 2019, total FDI committed to projects in Hanoi reached US$41.2 billion, including 4,850 ongoing projects with registered capital of US$34.2 billion.
Additionally, 1,850 projects have had over US$7 billion in capital contributed by foreign investors.
In 2018, Japan remained the largest investor in Vietnam’s capital and is projected to maintain the top spot in 2019, Chung continued.
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