Hanoi (VNA) - Prime Minister Pham Minh Chinh expected Sumitomo Corporation to become a strategic investor of Vietnam with greater contributions to the Vietnamese economy while receiving Yukihito Honda, Group CEO of the Japanese firm's Urban Infrastructure Development Group in Hanoi on July 22.
PM Chinh highly valued Sumitomo's investment projects in Vietnam, describing them as large in scale with strong spillover effects on socio-economic development in the Southeast Asian country.
He said the corporation’s contributions not only benefit project-hosting localities but also help advance the Vietnam-Japan Comprehensive Strategic Partnership. Notably, the group-invested industrial parks in Vietnam have attracted 6 billion USD in investment and created jobs for over 90,000 workers.
The PM expressed his delight at the strong, practical and effective progress in the Vietnam - Japan bilateral ties, now in the second year since being upgraded to the Comprehensive Strategic Partnership, marked by high political trust. He stressed that economic cooperation remains the cornerstone of the relationship, with Japan being Vietnam’s top partner in official development assistance (ODA) and labour, the third-largest investor and tourism partner, and the fourth in terms of trade.
Emphasising the unlimited potential of Vietnam-Japan economic cooperation, PM Chinh called on Sumitomo, with its strong reputation and financial capacity, to further expand its presence in Vietnam.
He encouraged the group to accelerate and enhance the effectiveness of its investments, particularly in areas of its strength such as infrastructure, finance, real estate, transport, railways, electronics, chemicals, high-tech agriculture, industrial parks, smart cities, logistics, digital transformation and green transition.
The Vietnamese leader urged the firm to make more contributions to green growth and circular economy in Vietnam, helping the country meet its sustainable development goals and net-zero carbon emission commitments made at COP26.
For his part, Honda thanked PM Chinh for his support and noted that Sumitomo is a diversified conglomerate mainly operating in manufacturing, energy, smart cities and electronic component production. With 3.2 billion USD in equity, it is ranked among the world’s top 500 companies.
Having operated in Vietnam for 70 years, the Sumitomo Corporation is now taking part in the North Hanoi Smart City project. It has invested in industrial parks in Hanoi, Hung Yen, Phu Tho, Thanh Hoa and Quang Tri; participated in the EPC contract for Ho Chi Minh City’s Urban Railway Line No. 1; and developed the Van Phong 1 BOT thermal power plant, with a capacity of 1,320 MW, which has already been put into operation, he noted.
Agreeing with the PM's call to expand investment, Honda expressed Sumitomo’s commitment to contributing to Vietnam’s development. He also asked for continued support from the Vietnamese Government in implementing current projects and backing for the proposed Van Phong 2 gas-fired power plant project.
PM Chinh welcomed Sumitomo’s new initiatives and pledged maximum support from the Government and local authorities. He reaffirmed Vietnam’s commitment to maintaining an open, transparent, and stable investment climate, with simplified procedures and legal clarity.
He endorsed Sumitomo’s coordination with Hanoi to develop a culturally rich, modern North Hanoi Smart City, encouraging the relevant sides to hold a ground-breaking ceremony for the project on the occasion of the 80th anniversaries of the August Revolution and National Day.
Regarding the proposed Van Phong 2 gas-fired power plant, the PM tasked the Ministry of Industry and Trade to assess the project wi♉thin the framework of Power Development Plan VIII, and asked the Sumitomo Corporation to work cloꦛsely with the ministry so as to soon receive the answer./.
