Prime Minister Nguyen Xuan Phuc (third, right) and other participants at the ceremony to start the construction of an AEON mall in Le Chan district, Hai Phong city (Photo: VNA)

Hanoi (VNA) – Japan, the second biggest investor in Vietnam, is continuing to pour billions of USD into new projects in the Southeast Asian nation, an investment partnership expected to grow stronger after a State visit to Japan by President Tran Dai Quang.

New Japanese investment projects have appeared in Vietnam since the beginning of 2018.

Notably, Sumitomo and Mitsubishi have agreed to cooperate with Vietnam’s BRG Group to invest in the Nhat Tan – Noi Bai smart city project. 

This is the biggest-ever Japanese project in Vietnam with total investment of 4.2 billion USD and promises to gather technologies being used in the most modern urban areas in Japan.

In mid-May, the Japanese-invested AEON Mall Vietnam started the construction of a mall in Le Chan district of northern Hai Phong city. This is the second shopping centre this firm began to build in 2018 after the one in Ha Dong district of Hanoi, raising the total number of AEON malls in Vietnam to six.

The inflow of major projects has consolidated Japan’s second position among 116 countries and territories investing in the ASEAN country.

[President’s visit to Japan expected to lift two-way trade]

According to the Vietnamese Ministry of Foreign Affairs, as of the end of March 2018, Japan had 3,693 projects with total capital of 49.84 billion USD in Vietnam. In 2017, its direct investment hit a record of 9.11 billion USD, ranking first among foreign investors.

Japan is expected to continue choosing Vietnam as the destination for its multi-billion-USD projects, particularly after a big investment conference is held in Tokyo during a State visit to Japan by Vietnamese President Tran Dai Quang from May 29 to June 2. Many economic cooperation projects are expected to be revealed at this event.

In a recent interview given to Japanese media, President Quang said to better capitalise on each other’s strengths, the two sides should further promote economic links through enhancing ties in trade, investment and the implementation of the Vietnam-Japan Economic Partnership Agreement.

He voiced his belief that with joint efforts, consensus and sound policies, the two countries will continue to develop bilateral relations and lift their Extensive Strategic Partnership for Peace and Prosperity in Asia to a new height.-VNA