Mitsubishi eyes investment in Quang Ninh province

Japan's Mitsubishi Corporation is looking to invest in Vietnam’s northern province of Quang Ninh, especially in fields of information technology, energy, and support industries for automobiles.

Hidetoshi Suzuki, president of Mitsubishi Corporation Vietnam, made the statement at a Tuesday meeting with Cao Tuong Huy, acting Chairman of the province. At the meeting, as part of Mitsubishi’s survey of Quang Ninh, Suzuki lauded the province's strong growth, innovations, and competitiveness improvements.

Welcoming Mitsubishi’s interest, Huy noted Quang Ninh’s advantages of its prime location as a gateway connecting China and ASEAN, developed infrastructure, and preferential policies for investors in three economic zones. Japanese investors are one of the top strategic partners of the province, he emphasized.

Huy added that the province would provide the best conditions for Mitsubishi’s investments, including those related to administrative procedures, land, site clearance, human resources, and public services.

Mitsubishi’s operation in Vietnam covers various sectors. As of end-March 2023, the corporation has poured into Vietnam investments of JPY148 billion ($1.06 billion) and guarantees of JPY30 billion ($215.2 million), while the total hedged amounts reached JPY21 billion ($150.6 million). As a result, the firm’s net risk in money totaled JPY157 billion ($1.13 billion).

A major business of Mitsubishi in Vietnam is the automobile industry. As of end-March 2023, Mitsubishi estimated the country’s overall demand is 363,300 units, of which Mitsubishi accounted for 38,000 units, or 10.5% of the total.

Mitsubishi Motors Vietnam was established in 1994, as one of the first automobile manufacturers in the Southeast Asian country. Its factory in the southern province of Binh Duong now assembles two models of Outlander and Xpander. Xpander was the third-bestselling vehicle and also the bestselling multi-purpose vehicle (MPV) in Vietnam last year with 21,983 units.

Regarding power generation, as part of its policy to reduce carbon emission, Mitsubishi Corporation exited coal-fired power generation with the Vung Ang II project in Vietnam being its last one. For its role of engineering, procurement, and construction (EPC) contractor of coal-fired power plant, Quang Trach 1 project in Vietnam was its last one.

Mitsubishi also participates in the Vietnamese real estate market. In October 2021, it acquired an 80.17% stake at the Vietnamese realty firm MV2 Vietnam Real Estate Trading JSC, through its Vietnam-based subsidiary MC Urban Development Vietnam Company Limited and Singapore-based subsidiary MCOP Investment Pte. Ltd.