Prime Minister Receives CEO of Sumitomo Corporation (Japan)

Sumitomo Corporation (Japan) is a diversified conglomerate primarily operating in the fields of manufacturing, energy, smart cities, and electronic component production. As of March 31, 2025, the corporation has a total equity of USD 3.2 billion, a global workforce of approximately 83,300 employees, and recorded a profit of USD 3.9 billion. Sumitomo ranks among the world’s top 500 companies on the Fortune Global 500 list.

Operating in Vietnam for 70 years, Sumitomo Corporation has invested in several industrial parks, including Thang Long I (Hanoi), Thang Long II (Hung Yen), Thang Long III (originally in Vinh Phuc, now in Phu Tho), as well as Thanh Hoa and Quang Tri industrial parks (through joint ventures). The company has also participated in the EPC construction of Ho Chi Minh City’s Metro Line 1 – Package No. 2, and the BOT Van Phong I thermal power plant project with a capacity of 1,320 MW. Sumitomo's industrial parks have attracted over USD 6 billion in investment capital and created nearly 100,000 jobs.

During the meeting, Mr. Yukihito Honda reported on the corporation’s activities in Vietnam, including the progress of investment projects such as the construction and infrastructure business of the Thanh Hoa Industrial Park (Phase 1), the Smart City project in North Hanoi (through a joint venture), and proposed the development of the Van Phong 2 Gas Power Plant.

https://www.youtube.com/watch?v=D8wREIDyO44

Mr. Yukihito Honda stated that Sumitomo wishes to make the North Hanoi Smart City project a symbol of the Vietnam–Japan relationship. The group seeks to continue promoting cooperation in the fields of energy, railways, and smart cities, and will continue efforts to contribute to the increasingly strong ties between the two countries.

Appreciating Sumitomo’s investment projects in Vietnam, Prime Minister Phạm Minh Chính noted that these are large-scale projects with spillover effects on the socio-economic development of the localities where they are based, and on Vietnam as a whole, contributing to the enhancement of Vietnam–Japan relations.

In the context of the flourishing Comprehensive Strategic Partnership between Vietnam and Japan, the Prime Minister proposed that both sides promote practical and effective cooperation projects.

The Government, ministries, sectors, and localities of Vietnam will support and create all favorable conditions for Japanese businesses in general and Sumitomo in particular to implement efficient and sustainable investment and business activities in a transparent manner, reducing administrative procedures and complying with legal regulations, promptly resolving obstacles, and putting projects into operation as soon as possible.

Regarding the proposal for the Van Phong 2 Gas Power Plant project, the Prime Minister welcomed Sumitomo’s suggestion to convert the project to LNG usage, assigned the Ministry of Industry and Trade to coordinate the necessary procedures, and proposed that the group explore financing sources within the framework of the Asia Zero Emission Community (AZEC).

Concerning the North Hanoi Smart City project, the Prime Minister requested the group to coordinate with the Vietnamese partner to implement the project seriously, swiftly, and in accordance with legal regulations, in the spirit of equality, harmonized interests, shared risks, and a strong integration of Vietnamese and Japanese cultures.

The Prime Minister also asked Sumitomo to continue actively participating in urban railway projects in Ho Chi Minh City.

Mr. Honda thanked the Government, the Prime Minister, and relevant ministries and localities for their attention, facilitation, and timely resolution of difficulties and obstacles related to Sumitomo’s investment projects in Vietnam, affirming the group’s commitment to promoting prompt, serious, effective, and sustainable project implementation as directed by the Prime Minister.

(Source:Báo Chính Phủ)