Hanoi leader pledges favorable conditions for Japanese investors

Chairman of Hanoi City Nguyen Duc Chung has reaffirmed the city government’s commitment to make life easy for foreign investors to do business in the capital, including those from Japan.

The chairman was speaking at his meeting on Tuesday with Masayuki Hyodo, representative director, president and chief executive officer of Sumitomo Corporation, reported the Vietnam News Agency.

The city leader praised Sumitomo and the CEO for carrying out major projects and helping other firms to invest in the city.

He noted that Hanoi takes the lead nationwide in terms of foreign direct investment attraction, with an estimated US$10 billion pledged this year, raising the total investment it has attracted so far to US$42 billion.

He added that Sumitomo’s construction of a smart city in northern Hanoi will help ease pressure on the inner city. Covering more than 271 hectares in the outlying district of Dong Anh, the smart city would cost over US$4.1 billion.

The city government has asked local authorities and regulatory agencies to fast-track site clearance and offer assistance to the investor, he added.

Hyodo, for his part, stated that Sumitomo will make every effort to complete the project as scheduled.

As Sumitomo will celebrate its 100th anniversary this month, he expressed hope that the corporation will grow further and invest more in Vietnam and especially in Hanoi.

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