(MPI) - The Vietnam’s Ministry of Planning and Investment and Japan's Mie prefecture signed a Memorandum of Understanding (MoU) on cooperation in Hanoi on January 16.

Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc (right) Governor of Mie prefecture ICHIMI Katsuyuki sign the MoU. Photo: MPI

Speaking at the ceremony, Deputy Minister of Planning and Investment Nguyen Thi Bich Ngoc asserted that the MoU demonstrates the special relationship between Vietnam and Japan, which will contribute to deepening and comprehensively promoting the economic and investment cooperation between the two countries in general, and with Mie prefecture in particular to new heights.

She spoke highly of the growing relationship between Vietnam and Japan, which has been upgraded to a comprehensive strategic partnership for peace and prosperity in Asia and the world. Japan is currently the third-largest investor among 147 countries and territories investing in Vietnam, showing Japanese investors’s trust and confidence in Vietnam.

The deputy minister noted that the MPI has signed MoUs with 13 localities in Japan, and hailing its potential and advantages in supporting industries. Mie ranks first in Japan for the manufacturing of components, electronic equipment, electronic circuits, and numerous large companies in the semiconductor industry, which are also key sectors in Vietnam's recent development strategy.

Vietnam is accelerating the development of science, technology, innovation, and digital transformation. The Vietnamese government has issued a decree on the establishment, management, and use of an investment support fund with new contents and approaches.

Deputy Minister Ngoc affirmed that that MPI will continue to accompany and support Japanese businesses, including those from Mie, in their investment and business activities in Vietnam, contributing to the socio-economic development, and further strengthening the relationship between the two countries for shared prosperity.

ICHIMI Katsuyuki, Governor of Mie prefecture, expressed his admiration for Vietnam’s dynamic development and agreed with the potential for cooperation between the two countries.

Mie prefecture is renowned for the processing, manufacturing, and semiconductor industries, especially the electronics, where leading in Japan for 19 consecutive years. The prefecture iss one of five prefectures in Japan designated for the development of the semiconductor industry, Katsuyuki said.

In a recent survey of over 4,000 firms in the prefecture, Vietnam is the most favourite destination. The Governor expressed his hope that the signing of this MoU would contribute to strengthening cooperation and investment of both sides.

According to MPI's Foreign Investment Agency, by the end of 2024, Mie prefecture’s businesses run 41 projects with a total registered capital of about 580 million, and 21 of those are in the processing and manufacturing industry. Ho Chi Minh City and Hanoi are tw-leading destinations with 13 and 9 projects, respectively. Investment from Mie prefecture is still modest compared to the total Japan investment of 77.7 billion USD in Vietnam./.

Bao Linh

Ministry of Planning and Investment