Nihon Toyo, a subsidiary of Japanese giant Toyo Group, will make multi-sector investments worth $220 million in Bac Ninh province, an industrial hub in northern Vietnam.
Senior executives of the firm and Bac Ninh officials signed a memorandum of understanding (MoU) Friday at a meeting held in the province to commemorate 50 years of Vietnam-Japan partnership (1973-2023).
The investments will be made in cosmetics production using Japanese technology, industrial real estate, logistics and manufacturing of next-generation hydrolysis devices.
The hydrolysis project aims to manufacture machines for the production of solid materials from waste, contributing to environmental protection in line with the country’s green growth targets.
Provincial authorities said they will recommend suitable locations for the investments, connect the firm with local businesses for joint ventures, and support it throughout all project processes.
Bac Ninh has so far attracted 2,040 FDI projects, including 101 Japanese ones with a total registered capital of $1.68 billion, or 7% of the total, according to provincial data. Japan is the third-biggest foreign investor in Bac Ninh behind South Korea and Singapore.
Notable Japanese businesses in the province include Canon with investments of $130 million, Seiki with $126 million, Hanacans with $114.4 million, Nippon Zoki with $90 million and Nitto with $66 million.
Seventy six Japanese businesses active in Bac Ninh posted an industrial production value of VND32.6 trillion ($1.34 billion) in the first half of this year, providing employment to 23,200 people.