Prime Minister Pham Minh Chinh (on the right) met Fujimoto Masayoshi, general director of Sojitz

Fujimoto Masayoshi, general director of Sojitz Corporation, made the announcement of widespread investments at a meeting with Prime Minister Pham Minh Chinh, as part of a three-day working visit of the high-ranking delegation of Vietnam for the Summit of the Group of Seven (G7) in Hiroshima.

At the meeting, Masayoshi shared the intention to expand the group’s operation in the country in term of industrial parks and renewable energy.

“Sojitz commits to having long-term investment in Vietnam, contributing to the socioeconomic development of the country. At present, many large Japanese firms have plans to expand their operation in the country. Besides this, approximately 70 firms are following the group’s plan to develop more industrial parks to issue their investment in the country,” he said.

To unlock this potential, the general director of Sojitz requires the Vietnamese government to accelerate dealing with the difficulties and barriers for investors during their process to complete investment procedures. Besides this, he proposes a number of proposals relating to the direct power purchase agreements, and the development of renewable energy.

Prime Minister Pham Minh Chinh said that Vietnam has approved the Power Development Plan VIII, which prioritises on developing renewable energy. By 2050, the proportion of renewable energy is projected to have reached 67.7-71.5 per cent.

Along with Sojitz, the prime minister met leaders of AEON to listen to the group’s plans to open an additional 20 malls in Vietnam, which focus on the model of supermarket together with amusement areas. AEON also targets the export of Vietnamese goods to distribute in over 20,000 shopping malls in Japan.

Another important meeting was held between the prime minister with Mitsui Oil Exploration Co., Ltd. – a member of the joint venture investing in the $10 billion Block B-O Mon gas power project – to discuss solutions, so the construction can be quickly implemented.

On May 20, the prime minister worked with Prof. Mitsuo Ochi, headmaster of Hiroshima University; Matsumoko Kazuhisa, general director of Satake Group; and Yamassaka Tetsuro-chairman of Balcom group in collaboration with seven other Japanese representatives to discuss their plans in Vietnam.