PM proposes Sumitomo Group to expand investment in Vietnam

Prime Minister Pham Minh Chinh expected Sumitomo Corporation to become a strategic investor of Vietnam with greater contributions to the Vietnamese economy while receiving Mr. Yukihito Honda, Group CEO of the Japanese firm's Urban Infrastructure Development Group in Hanoi on July 22, according to a report from the Vietnam News Agency.

PM Chinh highly valued Sumitomo's investment projects in Vietnam and called on the group to further expand its presence in the country.

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.

Having operated in Vietnam for 70 years, the Sumitomo Corporation is now taking part in the North Hanoi Smart City project. It has invested in industrial parks in Hanoi, 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, the PM noted.

Agreeing with the PM's call to expand investment, Mr. Honda expressed Sumitomo’s commitment to contributing to Vietnam’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.