Vietnam draws 5,369 Japanese projects worth nearly 80 billion USD

Japan has invested in 5,369 projects worth 76.76 billion USD in Vietnam as of the end of the second quarter this year, making it the third largest foreign investor in the country, Deputy Minister of Construction Nguyen Tuong Van told the 9th Vietnam-Japan Conference on Construction in Hanoi on December 19.

Co-hosted by the Vietnamese Ministry of Construction and the Japanese Ministry of Land, Infrastructure, Transport and Tourism (MLIT), the event aimed to advance bilateral cooperation in developing quality housing and technical infrastructure. It also sought to promote collaboration between businesses from both nations in these fields.

In his opening remarks, Van underscored Japan's role as Vietnam's fourth largest Official Development Assistance (ODA) provider, with major projects in infrastructure, industrial development, and human resource training. Since 2010, the two ministries have forged multiple cooperation agreements, focusing on industrial development, human resource training, and project management.

According to the Deputy Minister, the Vietnamese Government has approved new legal documents, such as the Housing Law and the Urban Planning Law, to improve the investment climate and manage real estate development effectively. Additionally, Vietnam is embarking on a plan to build 1 million social housing units by 2030, with an allocation of 120 trillion VND (4.8 billion USD) to social housing projects. At the same time, the Government is focused on infrastructure development, particularly technical infrastructure.

Assistant Vice Minister at the Japanese Ministry of Land, Infrastructure, Transport and Tourism Yosuke Tsutsumi praised the event as an opportunity for both sides to review their cooperation, share new trends and advanced technologies in the construction sector, which is essential to propose practical initiatives and solutions to quality infrastructure projects.

Kazuki Yonetani, Director for International Partnership Coordination under the MLIT’s Real Estate and Construction Economy Bureau, noted the establishment of a working group at the previous conference in December 2022. This group has since convened four meetings, allowing Japan to share its expertise in real estate management system, an important area as Vietnam was revising its Land Law, Housing Law, and Real Estate Business Law./.