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Monday, May 29 2023
Tiếng Việt
a A
Date 07/03/2023-20:46:00 PM
High-level Vietnam-Japan economic conference
(MPI) - The Ministry of Planning and Investment coordinated with the Japanese Embassy in Vietnam and the Japan Business Federation (KEIDANREN) to organise a high-level economic conference between Vietnam and Japan in Hanoi on March 7 for celebrations of the 50th anniversary of the two countries’ diplomatic relations.
Prime Minister Pham Minh Chinh addresses at the event. Photo: MPI

Addressing at the event, Prime Minister Pham Minh Chinh said after 50 years of establishing the bilateral diplomat ties, the Vietnam-Japan traditional friendship and cooperation has been reinforced and developed in numerous areas amid the fluctuations in the world and region.

Notably, economic, trade, and investment cooperation have always been paid attention and promoted comprehensively. Both sides have built many important legal frameworks such as: the Vietnam-Japan Economic Partnership Agreement (VJEPA), the ASEAN-Japan Comprehensive Economic Partnership (AJCEP); and are currently members of new-generation free trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).

He said, these are important corridors for fostering the trade and investment linkages in the spirit of mutual benefits and supports.

Regarding the official development assistance, Japan has become the biggest ODA provider for Vietnam with more than 2,700 billion JPY in loans, nearly 100 billion JPY in non-refundable aid and about 180 billion JPY for technical cooperation, significantly contributing to large-scale infrastructure projects, creating momentum for sustainable socio-economic development, supporting the transfer of advanced technology and human resource training in Vietnam, and directly and indirectly helping the foreign investment attraction, including those from Japan.

Japan currently has more than 5,000 valid investment projects worth nearly 70 billion USD, ranking third out of 141 countries and territories investing in Vietnam. Meanwhile, Vietnam has invested in 104 projects worth 19.2 million USD in Japan, being the 36th among 79 nations of Vietnam’s overseas investment.

Bilateral trade was approximately 50 billion USD in 2022, making Japan the fourth largest trading partner of Vietnam, which Vietnam exported nearly 25 billion USD and imported about 24 billion USD to Japan.

Besides, the Vietnam-Japan Joint Initiative, a special cooperation mechanism between the two Governments, has been carried out in eight phases over 20 years, gaining numerous encouraging results in improving Vietnam’s investment environment and competitiveness. This shows the strong attention and confidence of Japanese businesses in investing effectively and successfully in Vietnam.

The Prime Minister said that Vietnam highly appreciates the determination, seriousness and effectiveness of Japanese investors, and also understands their trust and commitment when doing business in Vietnam.

He also expressed his hope that FDI businesses, including Japanese ones, will increase training high-quality human resources, apply advanced science management, and promote research, development and innovation in order to make Vietnam a hub in the regional and global value chains.

In the spirit of “harmonised benefits and shared risks”, the Vietnamese Government is committed to continuing accompany and create the most favourable conditions for Japanese investors to make successful, sustainable and long-term investment in the country.

Co-chairman of KEIDANREN Ichikawa Hideo speaks at the conference. Photo: MPI

Co-chairman of KEIDANREN, Ichikawa Hideo, said that the Vietnam-Japan relationship has been prospered in all spheres and become a close-knit link. He also lauded Vietnam’s achievements in the socio-economic development with political stability and abundant population.

Over the past 20 years, the Vietnam-Japan Joint Initiative has recorded many important results through creating a transparent business climate for investors, including Japan ones, increasing foreign investment attraction and human resources training. Hideo affirmed that KEIDANREN will actively contribute to materialise the joint initiative, heralding a new area of the countries’ profound relationship.

On this occasion, Deputy Minister of Planning and Investment Tran Quoc Phuong briefed about the ODA cooperation between Vietnam and Japan, and underlined that its relationship was one of the most successful bilateral development cooperation in recent years; it has been an important pillar, a bridge and a catalyst in the two nations’ cooperation.

Participants at the conference. Photo: MPI

Since 1992, with over 2,700 billion JPY in ODA loans, nearly 100 billion JPY in non-refundable aid and about 180 billion JPY in technical assistance, Japan’s ODA has accounted for over 30 percent of the bilateral development aid for Vietnam.

He said, Japanese ODA plays a key role in Vietnam’s socio-economic development, especially through: large-scale infrastructure development projects; advanced technology transferring and human resource training; directly or indirectly creates conditions for Vietnam to attract foreign investment, especially from Japan; and also contributes to poverty reduction.

According to the deputy minister, the relationship between Vietnam and Japan is at its best ever. This is a chance for Vietnam to seek high-quality foreign investment in projects with high-technology, high added-value, high spillover effects and sustainability. It is also necessary to accelerate the development of green growth, digital economy, science and technology, and innovation to engage more deeply in investment structure, trade order and global supply chain, he added./.

Bao Linh
Ministry of Planning and Investment

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