In the local socio-economic development strategy, Binh Duong has identified Japan as a strategic investment partner. As a result, the province has proactively implemented various measures to enhance cooperation and attract investment from Japan. To date, Japan has become one of the most trusted and important partners in many sectors of the province.
Attracting high-quality projects
At a recent dialogue conference between provincial leaders and Japanese businesses, Ono Masuo, the Consul General of Japan in Ho Chi Minh city shared that with its strong industrial development, Binh Duong is the top choice for foreign investors, including those from Japan, looking to invest in Vietnam. In recent years, with the construction of new buildings and commercial centers, particularly around the Binh Duong New City, the province is expected to attract even more Japanese citizens and businesses to live and invest, thereby becoming a hub for Japan-Vietnam exchanges in various fields.
A high-level delegation from Yamaguchi prefecture will visit Toyotsu Safety & Automotive Components (Vietnam) Co.Ltd. and My Phuoc III Industrial Park
Currently, among the 65 countries and territories investing in Binh Duong, Japan ranks second with 357 projects capitalized at nearly US$6 billion, accounting for over 8% in number of the projects and 14% in amount of FDI capital into the province. Japanese-invested projects in Binh Duong are primarily focused on the production of electronic components, circuits and chips; automobile manufacturing and assembly; steel production and other auxiliary industries. Notably, Binh Duong has been strengthening cooperation with Tokyu Group on infrastructure, urban development and transportation, with Aeon Group on commercial development and with Mitsubishi Group on automobile industry development. All of these projects have contributed to the province’s economic and social development.
On November 22, Riken Vietnam Co., Ltd. held a ceremony to celebrate its 10th anniversary and the inauguration of its second factory at the Vietnam-Singapore Industrial Park II-A. This factory, with total registered investment of US$38 million and annual capacity of 32,000 tons, specializes in the production of synthetic resin compounds and related plastic materials. In line with the province's economic development plans, this factory is well-suited to the current focus on attracting auxiliary industries in Binh Duong.
Azuma Kazuaki, General Director of Riken Vietnam Co., Ltd. shared: "The company has operated stably over the past 10 years and the expansion with the second factory marks a new milestone in our development. It also reaffirms that Binh Duong will continue being our long-term choice. Japanese businesses support Binh Duong's direction of innovation in attracting investment, particularly in high-tech and auxiliary industries".
Strengthening extensive cooperation
With advantages such as political stability, improved investment and business environment and a focus on infrastructure development…, Binh Duong has seen a continuous rise in attracting FDI projects, including Japanese ones. According to Tanabe, Deputy CEO of NTT East Group and CEO of NTT e-Asia, through the participation of companies from NTT East Group in Binh Duong, the group has received numerous inquiries from other Japanese companies interested in investing in the province.
Over the past time, Becamex IDC and NTT East Group have collaborated through the NTT East Project in Binh Duong. This project focuses on investing in key services, innovation and delivery of high-quality services in telecommunications and information technology. Additionally, notable projects such as Becamex Tokyu Joint Venture for urban infrastructure development as well as major transportation projects connecting Binh Duong with other provinces and cities, serve as exemplary models of cooperation between Japanese and Vietnamese businesses in general and between Japanese companies and businesses in Binh Duong in particular.
Nagato Takahiko, Chairman of province-based Japanese Business Association stated that Binh Duong is a region where Japanese companies have made significant investment, particularly in the industrial sector. Japanese businesses investing in Binh Duong are always given strong support and favorable conditions by local leaders to foster their growth. With the remarkable development of Binh Duong as well as the growth of Binh Duong New City, he is confident that many large Japanese companies will soon shift their investment to Binh Duong.
Over the past 50 years of Vietnam-Japan diplomatic relations, which have seen many prosperous and vibrant phases of development, the cooperation between Binh Duong and Japanese partners has also grown strongly, deeply and effectively. In particular, since the establishment of a friendly cooperative relationship in 2014, Binh Duong and Yamaguchi prefecture have actively implemented exchange activities, strengthened their friendship and expanded cooperation in various fields, including foreign relations, education and training, cultural exchange, trade and investment promotion. Muraoka Tsugumasa, Governor of Yamaguchi prefecture affirmed that the cooperation and exchanges between the two localities over the past years have achieved outstanding and commendable results. "I am confident that the fine relationship between our two localities will reach new heights, contributing to the development of both Vietnam and Japan", Mr. Muraoka Tsugumasa said.
Reported by Ngoc Thanh-Thanh Tuyen-Translated by Kim Tin
