Prime Minister Pham Minh Chinh receives Yukihito Honda, CEO of the Sumitomo Corporation's Urban Infrastructure Development Group in Ha Noi on July 22 (Photo: Tran Hai)

PM Chinh highly valued Sumitomo's investment projects in Viet Nam, describing them as large in scale with strong spillover effects on socio-economic development in the Southeast Asian country.

He said the corporation’s contributions not only benefit project-hosting localities but also help advance the Viet Nam-Japan Comprehensive Strategic Partnership. Notably, the group-invested industrial parks in Viet Nam have attracted 6 billion USD in investment and created jobs for over 90,000 workers.

The PM expressed his delight at the strong, practical and effective progress in the Viet Nam - Japan bilateral ties, now in the second year since being upgraded to the Comprehensive Strategic Partnership, marked by high political trust. He stressed that economic cooperation remains the cornerstone of the relationship, with Japan being Viet Nam’s top partner in official development assistance (ODA) and labour, the third-largest investor and tourism partner, and the fourth in terms of trade.

Emphasising the unlimited potential of Viet Nam-Japan economic cooperation, PM Chinh called on Sumitomo, with its strong reputation and financial capacity, to further expand its presence in Viet Nam.

He encouraged the group to accelerate and enhance the effectiveness of its investments, particularly in areas of its strength such as infrastructure, finance, real estate, transport, railways, electronics, chemicals, high-tech agriculture, industrial parks, smart cities, logistics, digital transformation and green transition.

The Vietnamese leader urged the firm to make more contributions to green growth and circular economy in Viet Nam, helping the country meet its sustainable development goals and net-zero carbon emission commitments made at COP26.

For his part, Honda thanked PM Chinh for his support and noted that Sumitomo is a diversified conglomerate mainly operating in manufacturing, energy, smart cities and electronic component production. With 3.2 billion USD in equity, it is ranked among the world’s top 500 companies.

Having operated in Viet Nam for 70 years, the Sumitomo Corporation is now taking part in the North Ha Noi Smart City project. It has invested in industrial parks in Ha Noi, Hung Yen, Phu Tho, Thanh Hoa and Quang Tri; participated in the EPC contract for Ho Chi Minh City’s Urban Railway Line No. 1; and developed the Van Phong 1 BOT thermal power plant, with a capacity of 1,320 MW, which has already been put into operation, he noted.

Agreeing with the PM's call to expand investment, Honda expressed Sumitomo’s commitment to contributing to Viet Nam’s development. He also asked for continued support from the Vietnamese Government in implementing current projects and backing for the proposed Van Phong 2 gas-fired power plant project.

PM Chinh welcomed Sumitomo’s new initiatives and pledged maximum support from the Government and local authorities. He reaffirmed Viet Nam’s commitment to maintaining an open, transparent, and stable investment climate, with simplified procedures and legal clarity.

He endorsed Sumitomo’s coordination with Ha Noi to develop a culturally rich, modern North Ha Noi Smart City, encouraging the relevant sides to hold a ground-breaking ceremony for the project on the occasion of the 80th anniversaries of the August Revolution and National Day.

Regarding the proposed Van Phong 2 gas-fired power plant, the PM tasked the Ministry of Industry and Trade to assess the project within the framework of Power Development Plan VIII, and asked the Sumitomo Corporation to work closely with the ministry so as to soon receive the answer.