Japan's Marubeni Corporation to step up investments in Vietnam

Japan's Marubeni Corporation to step up investments in Vietnam

Japan's Marubeni Corporation plans to expand its investments across sectors ranging from renewable energy to industrial parks and workforce training in Vietnam.

Photo: VGP

On July 14, Prime Minister Pham Minh Chinh had a meeting with Masayuki Omoto, CEO of Marubeni Corporation, in Hanoi.

Marubeni is a leading Japanese trade and investment group with global annual revenue of about $70 billion. The group has 130 branches and offices in 68 countries and regions.

Marubeni has invested in Vietnam for 80 years. Its ventures currently employ 7,500 people with a total annual revenue of $3 billion.

The Japanese group has prioritised key sectors such as the import and export of commodities, including coal, seafood, coffee, grains, and petrochemical products, while also actively pursuing joint ventures and mergers and acquisitions. In the energy sector, Marubeni has developed 11 thermal power plants in Vietnam with a combined capacity of 4,000 MW, notably the 1,200 MW Nghi Son 2 Thermal Power Plant. The company is also involved in industrial manufacturing, food processing, and the textile and garment industries.

At the meeting, Omoto said, "Vietnam is a key market in our expansion strategy. Marubeni plans to scale up its operations in the country in the near future, with a focus on high-quality investments and workforce development."

“The group is focusing on key projects including the O Mon II gas-fired power plant, the Quang Ninh LNG-to-power project, wind and solar farms, and the Amata City Halong Industrial Park. We also plan to build export-oriented processing factories and develop smart urban areas in Hanoi and Ho Chi Minh City,” he added.

Welcoming Marubeni's expansion in Vietnam, PM Chinh said, "The Vietnamese government will always create favourable conditions for foreign businesses, including Japanese firms, to invest and operate effectively."

"Marubeni continues positioning Vietnam as a strategic base for its operations, with a focus on sectors like LNG, offshore wind, and electricity exports to other ASEAN countries. The group should strengthen cooperation with the Vietnam National Coal and Mineral Industries Group, particularly in coal trading and exports to Japan. This should be coupled with other collaborative ventures to produce crop and livestock varieties, brand building, processing, and exports of Vietnam’s key agricultural products such as coffee, rice, and high-quality food," he added.

The PM suggested that Marubeni consider setting up factories in Vietnam to produce instant noodles, mochi, and pharmaceuticals to meet domestic demand and export needs.

VIR