Within the framework of his business trip to Japan from November 22-25 in order to accompany Prime Minister Pham Minh Chinh, Da Nang People's Committee Chairman Le Trung Chinh on Wednesday attended PM’s meetings with leaders of Sumitomo Corporation and Global Health Center, Rector of the Waseda University, and Vice Rector of the Hiroshima University.

Da Nang People’s Committee Chairman Le Trung Chinh (centre) signing memoranda of understanding with the President of Sumitomo Corporation (first right) and President of BRG Group JSC (first left). Photo: Freelance photographer

On the occasion, Chairman Chinh inked memoranda of understanding with representatives from the Sumitomo Corporation and BRG Group.

Under the deals, three sides will jointly conduct research and develop a handful of infrastructure projects in the city, as well as call for financial assistance from relevant agencies to realise those projects.

During his meeting with the Vietnamese Government leader, Mr. Masayuki Hyodo, President cum CEO of Sumitomo Corporation, showed his keen interest in developing sustainable and smart urban areas in Viet Nam, especially investing in some projects in Da Nang.

Today, November 25, the Da Nang leader will attend the Viet Nam - Japan Investment Forum and hand over memoranda of understanding between Da Nang and Japanese partners under the witness of leaders of the two countries.

Japan is the second-largest source of foreign direct investment into Viet Nam, after Singapore, with a total amount of more than US$3.2 billion.

As for Da Nang, Japan has been one of the important trading partners and one of the key markets that the city has prioritised calling for investment.

'The Land of the Rising Sun' is currently the largest source of foreign direct investment into the city with 216 projects, totalling more than US$ 985 million, accounting for 25.5% of the city's total FDI. The majority of Japanese-invested project have involved in manufacturing, real estate - tourism, information technology, services, and research and development.

Reporting by PHUONG UYEN - Translating by M.DUNG