Haiphong city luring in more Japanese investors

Seven memoranda of understanding were inked between Haiphong and Japanese firms at a meeting promoting Japanese investment and tourism in the northern port city last weekend.

The meeting featured the attendance of Special Adviser to the Japanese Cabinet Iijama Isao and more than 30 Japanese businesses.

The MoUs were signed between Japanese firms and Haiphong Investment, Trade and Tourism Promotion Centre, focusing on tourism services, construction, logistics, and the car industry.

As of now, Haiphong is home to 531 effective foreign investment projects coming from 36 countries and territories valued at nearly $15.5 billion.

Of these, Japanese investors have registered 134 projects capitalised at a total of $4.31 billion, taking the lead in the number of projects and coming in second in terms of investment capital. Industrial production was the most appealing to Japanese investors, with more than 100 projects.

A raft of large-scale Japanese projects have landed in the port city since 2016, including the $200-million trade centre AEON Mall Haiphong, the $40-million Sakura Haiphong golf course project, the $20-million Toyota Nankai West Haiphong dealership project, and Fujita Group’s three projects on building the $80-million five-star Chuo Hotel and two premium apartment and office leasing buildings valued at more than $100 million.

More than 500 Japanese experts are living and working in Haiphong, together with thousands of other experts who are regularly on the go.

“Japanese investors have actually become a crucial part of Haiphong’s economy,” said Le Van Thanh, Secretary of the Haiphong Party Committee at the meeting.

Not only a lucrative target to Japanese investors, Haiphong has so far benefited enormously from the Japanese government’s capital support for investment development needs.

This capital source left a mark on substantial infrastructure projects in the city and the whole country, such as Lach Huyen international gateway port, Tan Vu-Lach Huyen Highway and Bridge, and several others.

The cooperation between Haiphong and Japanese localities have also been increasing.

Until now, Haiphong has developed special cooperative relations with the city of Kitakisu, Shiga or Kagawa, Niigata, and Yokaichi prefectures.

The seven MoUs signed in the meeting include:

1. A MoU with Tokyo LLC on the development of a high-end villa zone within the Haiphong Sakura Club golf course development complex;

2. A MoU with Nihon Seikagaku Kenkyujo on the training and supply of nurses;

3. A MoU with Toyota Hiroshima on car industry cooperation in Haiphong;

4. A MoU with Fukuyama on the development of a modern logistics system in Haiphong;

5. A MoU with JV Tour on the joint deployment of tourism services to bring Vietnamese visitors to Japan;

6. A MoU with Ntour on the joint deployment of tourism services to bring Vietnamese visitors to Japan and vice versa;

7. A MoU with Aqua Igunis on building resorts in Haiphong city and Vietnam

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