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Economic development

Vietnam Prime Minister Encourages Sumitomo's Investments and Commitment to Development

Strategic Insights

— 1 min read

Vietnamese Prime Minister Pham has expressed his country's gratitude and appreciation for Sumitomo's significant investments in the country, highlighting the corporation's substantial contributions to Vietnam's socio-economic development. The Prime Minister emphasized the importance of deepening the Vietnam-Japan Comprehensive Strategic Partnership and encouraged Sumitomo to expand its investments, particularly in areas such as infrastructure, finance, and technology. Sumitomo's presence in Vietnam spans 70 years, with a long history of involvement in various projects, including the North Ha Noi Smart City and the Van Phong 1 BOT thermal power plant.

Key Takeaways:

  • The Prime Minister praised Sumitomo's large-scale investments in Vietnam, which have attracted a total of US$6 billion in investment and created over 90,000 jobs.
  • Sumitomo's investments have contributed significantly to Vietnam's socio-economic development, benefiting not only localities hosting its projects but also the country as a whole.
  • The Vietnamese Government welcomes and supports Sumitomo's new initiatives, reaffirming its commitment to maintaining an open, transparent, and stable investment environment.
  • Sumitomo's commitment to contributing to Vietnam's development process was reaffirmed by CEO Yukihito Honda, who also sought support from the Vietnamese Government for the company's ongoing projects and a proposed gas-fired power plant project.
  • The North Ha Noi Smart City project is a key example of Sumitomo's involvement in Vietnam, with the company operating in the country for 70 years.
  • Sumitomo has invested in various industries, including infrastructure, finance, real estate, transport, railways, electronics, chemicals, high-tech agriculture, industrial parks, smart cities, logistics, digital transformation, and green transition.

Statistics:

  • US$6 billion: Total investment attracted by Sumitomo's industrial parks in Vietnam.
  • 92,000+: Number of jobs created by Sumitomo's investments.
  • 70 years: Duration of Sumitomo's presence in Vietnam.
  • 272 hectares: Size of the North Ha Noi Smart City project area.
  • 10 km: Distance between North Ha Noi Smart City and Ha Noi downtown.

Sources:

  • Government of Vietnam

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