The President assumed leaders of Japanese and Malaysian economic groups at separate receptions in Hanoi on November 8.

While receiving President of Japan’s Sumitomo Corporation Motoyuki Oka, he expressed his delight at the fine development of the Vietnam-Japan relationship. “Japan is currently in the leading group in terms of direct investment in Vietnam,” he said.

The State President proposed that in addition to the Lang-Hoa Lac hi-tech zone and the North-South railway and highway projects, Japan’s economic groups increase their coordination with Vietnamese agencies to seek new investment opportunities in order to boost bilateral economic cooperation.

“Vietnam has many important development projects that need support from foreign investors,” Mr Triet said citing problems of traffic jams, floods and the urban environment.

Motoyuki Oka, who is also President of Nippon Keidanren’s Japan-Vietnam Economic Committee, said that Japan’s direct investment capital in Vietnam reached around US$1.3 billion in 2006, a rise of 40 percent over 2005.

Many economic groups of the Japan Federation of Economic Organisation (Nippon Keidanren), including Sumitomo Corporation, plans to expand their activities in Vietnam, M. Oka said.

Sumitomo Corporation is working with Mitsubishi group on plans to take part in projects to build a subway network in Hanoi and Ho Chi Minh City. In addition, Mitsubishi group is building a plant to manufacture small aircraft spare parts in Hanoi’s Thang Long industrial zone, he added.

The same day, President Triet received President of Malaysia’s Berjaya Kawat Berhad Group, Dato Seri Vincent, who told the host about his group’s business activities and investment projects in Vietnam.

Berjaya Kawat Berhad Group plans to expand investment to become the biggest Malaysian investor in Vietnam. The group involves in realty industry, financial services, resorts and hotels.