Vietnam facilitates operations of foreign businesses, says top legislator

Meeting with Tokyu Chairman Nomoto Hirofumi in Tokyo on December 5 as part of his ongoing visit to Japan, Man said the National Assembly of Vietnam recently approved 18 laws, including the revised Public Investment Law, which he said will create favourable conditions for both domestic and international investors, promptly addressing difficulties and bottlenecks.

These laws are expected to drive breakthroughs in infrastructure development, maximize resource utilization, create new development spaces, and promote rapid and sustainable socio-economic growth, he said.

Man praised Tokyu and the Tokyu-Becamex joint venture in Binh Duong province for their effective cooperation in real estate investment projects in the province. These projects have significantly contributed to creating a new ecosystem for living and working, attracting investment, and accelerating the development of the Binh Duong Smart City initiative.

The Chairman emphasized the robust and comprehensive development of the Vietnam-Japan Comprehensive Strategic Partnership across various fields, noting as of October 31, 2024, Japan had 5,456 active projects in Vietnam with a total registered investment of US$77.4 billion.

He highlighted Vietnam’s impressive economic growth and expressed hopes for even greater development in the future to prepare for a new era of national advancement.

Hirofumi for his part thanked Binh Duong Province for its continued support and facilitation of the group’s cooperation and investment in the locality. He briefed Man on the ongoing partnership between Tokyu and Becamex, and expressed a desire to continue collaborating and sharing experience in urban development to help transform Binh Duong into a green, smart, and livable city.

With 50 years of experience in urban development, Hirofumi emphasized willingness to share personal and corporate expertise to expand investment activities in urban infrastructure in Vietnam, particularly in Binh Duong Province.

He spoke highly of Man’s suggestions and reiterated the group’s commitment to its mission to build ecosystems in smart urban areas, creating safe and civilized living environments.

Established on September 2, 1922, Tokyu initially focused on railway operations in Tokyo’s suburbs. It has since expanded into real estate, lifestyle services in areas served by Tokyu rail lines, hotels, resorts, and business support services. Today, Tokyu is one of Japan’s oldest and largest corporations, with operations in transportation, retail, culture, education, and particularly urban development. In 2023, its revenue was estimated at US$7 billion, with a profit of US$600 million.

In Vietnam, Becamex Tokyu Co., Ltd. was established in March 2012 with a charter capital of VND8.6 trillion. It operates in real estate investment, sales, and leasing.

A notable project of the joint venture in Binh Duong New City is a 110-hectare urban area, divided into three zones - Hikari, Midori Park, and Sora Gardens - supported by a comprehensive public transportation infrastructure.