A new wave of Japanese investment is expected to arrive in Hanoi in the near future thanks to the Trans-Pacific Partnership (TPP) Agreement.
Director General of the Tien Bo International Company Nguyen Thi Thanh Nhan said numerous pharmaceutical and water environment companies are looking at investing in Hanoi.
Japanese firms have also shown special interest in urban development and craft villages, while maintaining the capital’s unique features. Many are eyeing tourism and service projects in Hanoi in recognition of the city’s historical and intangible cultural values, she said.
According to Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc, Hanoi is an attractive destination for foreign investors. The capital leaped two places in the 2015 Provincial Competitiveness Index, showing the city’s determination to improve institutions and help businesses to attract foreign investment, especially in tourism.
He suggested domestic business players take this opportunity to make use of preferential tariffs provided by the TPP.
Japanese Embassy official Katsuro Nagai described the cooperation between businesses from the two countries as a practical way of boosting bilateral strategic relations.
In addition to transport, Japanese companies want to invest in tourism, he said, adding that the cooperation opportunities for Hanoi and Japanese businesses are promising if the two sides prepare well.
The Hanoi Promotion Centre on Trade, Investment and Tourism has introduced Japanese firms to the city’s tourism potential and called on them to invest in hi-tech and industrial parks in the city, as well as projects under the public-private partnership model.
Regarding investment ties between Hanoi and Japan, Chairman of the municipal People’s Committee Nguyen Duc Chung said the city treasures and hopes to expand cooperation with its Japanese partners.
Hanoi will push ahead with administrative reforms and synchronize its policies and institutions to support Japanese businesses and build a friendly investment environment.