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Japan invests in Dong Nai
Construction of a Japanese-invested building material factory kicked off on Thursday in Long Duc Industrial Zone in the southern province of Dong Nai.
The Lixil Viet Nam Global Manufacturing Co Ltd under Japan's Lixil Corporation is building the factory with a total investment of US$441 million.
The factory will produce resin and aluminium products, including sashes, doors, windows and frames. It is the Lixil Corporation's largest project in Viet Nam and Japan's biggest project in Dong Nai Province.
Kawamoto Yuichi, deputy general director of the Lixil Corporation, said Lixil aimed to expand into new business sectors in Viet Nam during the next 10 years.
Morita Nguyen, business director of the Lixil Inax Viet Nam Co Ltd, said the corporation started business operations in Viet Nam 15 years ago and now has seven building material factories nation-wide.
The factory in Dong Nai is expected to begin operations in 2013 to supply building materials for the domestic market and for export to countries and territories such as Japan, South Korea, Taiwan, Hong Kong, Cambodia, Laos and Myanmar, said Nguyen.
Phan Thi My Thanh, deputy chairwoman of the provincial People's Committee, said Japan was the third largest foreign investor in Dong Nai, having invested a total capital of $2.6 billion.
She added that Japan would be given priority for future investment opportunities in the province over the coming years.
According to the Foreign Investment Agency - a subsidiary of the Ministry of Planning and Investment - Japan invested $28.9 billion in Viet Nam by the end of October 2012.
Vo Hong Phuc, former minister of planning and investment, said Japan still considered Viet Nam as a leading destination for investment. However, he added that the country faced increased competition from Thailand, Indonesia and even Myanmar for Japanese investment.
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