Khanh Hoa draws over 2.6 bln USD from Japan

A corner of Nha Trang city in Khanh Hoa (Photo: VNA)

Khanh Hoa (VNA) – The south central province of Khanh Hoa has so far attracted six Japanese projects worth over 2.65 billion USD, or nearly 70% of the total foreign direct investment in the locality, heard the Khanh Hoa – Japan investment promotion conference held in Nha Trang city on October 7.

The event was part of activities to celebrate the 50th anniversary of Vietnam-Japan diplomatic ties and materialise the local investment promotion scheme 2023.

Speaking at the event, Deputy Foreign Minister Ha Kim Ngoc said amid complicated and uncertain developments in the world, Vietnam and Japan continue sharing many strategic interests.

He also described Japan as one of the top strategic partners and the three largest foreign investors in Vietnam with over 4,800 projects valued at more than 64 billion USD.

Chairman of the provincial People’s Committee Nguyen Tan Tuan said Khanh Hoa province will focus its investments on three main pillars, which include high-quality services such as tourism, finance, trade, logistics, education, and urban development; processing and manufacturing, energy, information technology and telecommunications; and large-scale agriculture with the use of advanced and digital technology in tandem with processing and consumption via value chain in order to improve competitiveness and global integration.

Cam Ranh Bay, Nha Trang city and Van Phong Bay will be its major growth drivers, he said.

The event introduced the development orientation of Khanh Hoa from now until 2030, with a vision to 2045, specific development policies, the approved planning and current operations of the Japanese companies in the province.

The provincial authorities hoped that the Japanese investors will show interest in local industrial parks, industrial clusters, sectors and projects in need of investment. They vowed to work more closely with the Japanese firms to boost consumption and cultural exchanges between the two sides.

They also committed to continuing administrative reforms, improving business environment, and the Provincial Competitiveness Index (PCI) to provide the best possible conditions for Japanese investors to do business successfully in the future.

At the event, a memorandum of understanding on cooperation was signed between the Ministry of Planning and Investment’s Foreign Investment Agency, the provincial Department of Planning and Investment, the Japan External Trade Organisation (JETRO), and the Japanese Chamber of Commerce and Industry in Ho Chi Minh City (JCCH), which is expected to support investment promotion activities between Khanh Hoa and Japan./.