Deputy PM pledges support for Japanese firm’s projects using modern technology

Hanoi – Deputy Prime Minister Tran Hong Ha pledged maximum support for Marubeni Corporation to shift its projects using new and modern technology to Vietnam, while receiving a leader of the Japanese firm in Hanoi on March 10.

Talking to Yoshiaki Yokota, Managing Executive Officer and Chief Executive Officer for Energy & Infrastructure Solution Group at Marubeni, Deputy PM Ha highly valued the corporation’s production projects and business results, especially in the field of energy, in Vietnam.

At the Asia Zero Emission Community (AZEC) Ministerial Meeting held in Tokyo in early March, participating countries, including Vietnam, agreed on a cooperation framework for sharing technology in efforts to achieve net zero emissions.

He stressed that the roadmap towards net zero emission is irreversible, adding Vietnam is shifting from fossil fuels to renewable energy.

Briefing his guest on his meetings with Japanese leaders during his participation in the AZEC Ministerial Meeting, Ha expressed his delight at the flourishing extensive strategic partnership between the two countries and affirmed that Japanese enterprises now have sufficient opportunities and favourable conditions to invest in Vietnam.

Vietnam has signed new-generation free trade agreements with major economies in the world. With the roadmaps towards net zero emissions and climate change response, foreign markets will set higher environmental standards for imports. Given this, the Vietnamese Government will issue policies strongly supporting the businesses that follow this trend via projects using new and modern technology, according to the Deputy PM.

As Marubeni is planning to shift its projects using new and modern technology to Vietnam, the Government, ministries, and sectors will give maximum support in line with legal regulations for the firm, he said, calling on it to continue making long-term investment, use new technology, and set up research and development centres in the country.

For his part, Yoshiaki Yokota said Marubeni has engaged in many energy, food, and beverage projects and exported a number of products to Vietnam.

Energy is the core business of Marubeni, he went on, noting that the corporation is implementing some gas-fired power and liquefied gas projects in Vietnam and wishes to contribute to the country’s roadmap on greenhouse gas emission reduction.

At the meeting, Marubeni Corporation, which has experience in operating the first offshore wind power project in Japan and many large solar power projects in the Middle East, also showed its interest in solar power and offshore wind projects in Vietnam.

Facing labour cost increases and a low localisation rate, some Japanese textile companies are thinking about cutting production in Vietnam.

Vietnamese and Japanese startups gathered on February 15 at the Vietnam-Japan Economic Forum to discuss the possibilities of further cooperation.

While concerning cost risks increase for businesses, more Japanese companies are looking to expand in Vietnam in non-manufacturing sectors like education, healthcare, retail, property, and finance to tap into growing demands there.

Japanese enterprises are interested in and looking for investment opportunities in the Mekong Delta region, especially in Vinh Long province, according to deputy chief representative of the Japan External Trade Organization (JETRO) in HCM City Ida Koji.