(MPI) - A memorandum of understanding (MoU) on cooperation between the Vietnamese Ministry of Planning and Investment (MPI) and Japan’s Toyama prefecture was signed in Hanoi on December 19, as part of the conference between the ministry and prefecture’s economic delegation.
At the event. Photo: MPI
Addressing at the event, Deputy Minister Ngoc said Vietnam was named among the world’s top 20 host economies for foreign direct investment (FDI), according to UN Conference on Trade and Development (UNCTAD)’s World Investment Report 2021. Realised FDI investment in the country was estimated at 20 billion USD in the first eleven months of 2022, a year-on-year increase of 15.1%.
Many international organisations such as the World Bank (WB), Asian Development Bank (ADB) and International Monetary Fund (IMF) have raised their forecasts on Vietnam’s economic growth, she added. Especially, both Moody's and S&P rated Vietnam’s long-term credit at “stable” and “positive”.
The relationship between Vietnam and Japan is at its best ever, and the two countries have substantial potential to bring their ties on par with “extensive strategic partnership for peace and prosperity in Asia”, the deputy minister underscored.
Vietnam has so far 5 thousand valid projects from Japan worth 68.8 billion USD, and Japan ranked third out of 141 countries and territories investing in Vietnam. Toyama prefecture has invested in 10 provinces and cities of Vietnam with 29 projects worth 134.6 million USD; 16 of those are in processing and manufacturing industry with about 121.1 million USD (accounting for 90% of the total registered capital).
Meanwhile, Vietnam has invested about 18.9 billion USD in 101 projects in Japan, and the nation ranked the 36th among 79 countries and territories receiving Vietnam’s overseas investment.
“Toyama is considered a “paradise” of mechanical and food industries, leading the coastal industry of Japan with many top Japanese enterprises in the production of industrial machinery, manufacturing car components such as Fujikoshi company, Komatsu NTC company, and Tanaka Precision Machinery Company,” Ngoc underscored. “The prefecture's strengths are also priority areas for attracting investment in Vietnam.”
The host asked the Toyama administration and Governor to continue propelling economic and investment ties with Vietnamese agencies, sectors and localities, and encouraging more investment in Vietnam in fields of the prefecture’s strengths and Vietnam’s demands such as mechanical engineering, manufacturing and hi-tech agricultural production.
The prefecture was urged to continue cooperate, transfer technology and develop training programmes to improve high-quality human resources for Vietnamese enterprises.
The MPI affirmed its commitment to create an open, transparent and optimal investment environment for Japanese companies, including those of Toyama prefecture to conduct businesses, and to remove difficulties and obstacles for Toyama’s enterprises in their production and business activities.
Signing of MoU on cooperation between Toyama prefecture and the MPI. Photo: MPI
Hachiro, for his part, said that since the cooperation agreement on economic exchanges between Toyama prefecture and the MPI was signed in December 2016, the prefecture has actively coordinated with Vietnamese agencies and localities to organise investment promotion programs and economic exchange activities.
On this occasion, the two sides resigned a MoU on cooperation and established the Toyama Support Desk placed at the Vietnamese ministry. This will serve as a basis to tighten cooperation and promote economic exchange between Vietnam and Japan, deepening the extensive and good between the two nations for common prosperity.
Leaders and representatives of Hung Yen, Nghe An, Ha Nam and Thanh Hoa provinces briefly introduced advantages, production and business activities, investment environment as well as priority areas in attracting investment. They emphasised their commitments to encourage Toyama companies to explore business opportunities in localities./.
Ministry of Planning and Investment