Japanese giants Tokyo Gas, Marubeni, Aeon Mall announce Vietnam investments

Corporate giants Tokyo Gas, Marubeni and Aeon Mall were among several dozen Japanese firms that announced new and additional investments in Vietnam Saturday.

Nearly 30 agreements on cooperation and investment were signed at the Vietnam-Japan Economic Forum in Tokyo in the presence of Prime Minister Pham Minh Chinh, who on a four day (December 15-18) visit to Japan to attend the ASEAN-Japan commemorative summit and conduct bilateral activities.

A joint venture between Tokyo Gas, Kyuden International, and Truong Thanh Vietnam Group was handed an investment license to build a $1.99-billion LNG-to-power plant in the northern province of Thai Binh.

Major Japanese retailer Aeon Mall announced plans to study the establishment of shopping malls in the Mekong Delta city of Can Tho and the northern province of Bac Giang. The Japanese retail giant aims to expand its network to 25 outlets in Vietnam by 2025, more than four times the current six in operation.

Vietnamese electric vehicle (EV) maker Vinfast and Marubeni will join hands in a circular economy project for batteries.

DEEP C Green Energy (Vietnam) Co. will cooperate with Nippon Sanso Vietnam Co. and Mitsubishi Vietnam Co. to carry out a feasibility study on hydrogen production at the DEEP C Hai Phong Industrial Park.

Software maker FPT Group and Yamato Holdings announced an agreement on cooperation in digital transformation, manpower training, and logistics.

Speaking at the forum, PM Chinh stressed the need for Japanese assistance in Vietnam’s industrialization and modernization process.

He proposed that the Japanese government and businesses support the country with preferential loans, technology transfer, skilled manpower training, governance, and exchanges between localities of the two countries.

He called on Japanese companies to invest in Vietnam to “harvest better results,” adding, “we are thankful for your investments and will be more delighted with your success.”

Japan has been falling behind China in foreign direct investment (FDI) in the Southeast Asian country. According to Vietnamese government data, FDI commitments from Japan totaled $3.1 billion in Jan-Nov 2023, ranking it Vietnam’s fifth largest investor, one rank below China. In 2021 and 2022, Japan was one rank ahead of China as the third largest foreign investor in Vietnam.