Vice Chairman of the Vinh Phuc People's Committee Vu Chi Giang speaks at the conference on March 8, 2023. (Photo: VNA)

The event looked to promote the attraction of strategic investment to such fields as processing, manufacturing, hi-tech agriculture, trade, and services while creating a chance for local enterprises to boost cooperation with Japanese partners.

Representatives of JV Livestock Co. Ltd, Sojitz, and Vietnam Dairy Products JSC (Vinamilk) said they have received assistance from local authorities to address obstacles and difficulties related to administrative procedures, tax, site clearance, and others.

Other businesses noted Vietnam is a big market and Vinh Phuc boasts favourable conditions, adding that if possible, Japanese firms hope to cooperate with the province to set up production chains in some potential sectors.

By the end of 2022, Vinh Phuc was home to 1,270 investment projects, including 445 foreign direct investment (FDI) projects worth 7.55 billion USD and 825 domestic direct investment ones worth over 121 trillion VND (5.1 billion USD).

Among the 20 countries and territories investing in the province, Japan ranked second with 58 projects worth more than 1.6 billion USD, after the Republic of Korea in terms of the registered capital.

Most Japanese investors in Vinh Phuc are operating in mechanics, automobile and motorcycle production, electronics manufacturing, and industrial park infrastructure development. They account for 88% of FDI firms’ contributions to the local budget, according to the provincial People’s Committee.