Japanese groups to pour hundreds of millions into projects in Quang Ninh
Several Japanese groups have plans to invest in projects worth hundreds of millions of dollars in the northern province of Quang Ninh in 2023.
Notably, the Tenma group from Japan has plans to invest $150 million in a factory to produce plastic injection moulds in the province.
Hirohiko Hirono, CEO of Tenma, explained that the factory is planned to cover an area of 18 hectares in Song Khoai Industrial Park (IP).
Within the framework of the meeting with leaders of Quang Ninh People’s Committee, Hitoshi Kimura, managing director of Castem Co., shared the plan to develop a $14 million metal casting factory which will cover an area of two hectares.
Acting Chairman of Quang Ninh People’s Committee Cao Huy Tuong said that the province will create the most favourable conditions possible for investors, including land clearance, investment procedures, and other incentives.
Earlier on January 13, Yaskawa Electric Group from Japan worked with Huy to present a feasibility report on a $100 million investment to build an automatic machine tool factory in Song Khoai IP. The Japanese company specialises in motion control, robotics, and systems engineering, amongst others.
Nakajima Takeo, chief representative of the Hanoi Office of the Japan Trade Promotion Organisation and vice president of the Japanese Chamber of Commerce and Industry in Vietnam said, “With Quang Ninh’s strategic location, logistics services, manufacturing, green energy, LNG, aquaculture, and agriculture are all attractive sectors for the Japanese.”
“Within various manufacturing sectors, including automotive and parts, electric and electronics, machinery, semiconductors, and industrial materials, the Japanese have the potential to expand production in Vietnam. The province has invited IP developers to build competitive business sites. Also, the state has invested in ports, roads, and an airport with public funds and private finances,” Takeo said.
