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Vietnam Investment Promotion Conference held in Tokyo

Released at: 19:06, 31/05/2018

Vietnam Investment Promotion Conference held in Tokyo

President Tran Dai Quang was speaking at the conference (Photo: VNA)

Japanese businesses not only act as pioneers in investment cooperation but also help boost bilateral relations, President Tran Dai Quang tells conference on May 31.

by Long Van

The Ministry of Planning and Investment and the Japan External Trade Organization (JETRO) jointly organized the Vietnam Investment Promotion Conference in Tokyo on May 31, which was attended by visiting State President Tran Dai Quang, representatives from more than 600 enterprises in both countries, and others, according to the Vietnam News Agency (VNA).

The President was quoted by the State-owned news agency as telling the conference that Vietnam appreciates the discipline, sense of responsibility, modern technology, advanced administration, and business culture of Japanese enterprises and entrepreneurs when conducting business and investment in Vietnam.

President Quang said that the Japanese business community, including leading groups, not only act as pioneers in investment cooperation but also help boost bilateral relations in a more practical and effective manner.

The conference, he went on, offers a valuable chance for the two countries’ businesses to review their investment cooperation and seek new affiliations, helping to enhance and deepen the two countries’ Extensive Strategic Partnership for Peace and Prosperity in Asia.

He took the occasion to thank Japan for its support for Vietnam’s nation building, safeguarding and development, especially in infrastructure, human resources training, and poverty reduction.

Japan is currently the largest ODA provider to Vietnam, with over $30 billion committed to date, which has made important contributions to upgrading infrastructure, improving human resources, increasing national administrative capacity, and accelerating poverty reduction.

Works and projects using Japanese ODA have been operating effectively around Vietnam, most notably Terminal T2 at Hanoi’s Noi Bai International Airport, the Lach Huyen International Seaport, and the Ho Chi Minh City - Trung Luong Expressway. 

In terms of investment, Japan remains a leading partner of Vietnam, with over 3,700 projects totaling more than $50 billion.

Bilateral trade has also enjoyed stable growth, exceeding $33 billion last year.

People-to-people and cultural exchanges also see strong developments. More than 300,000 Vietnamese people visited Japan last year and nearly 800,000 Japanese people traveled to Vietnam, he noted.

He said that Vietnam has become a dynamic economy, with GDP of about $230 billion and trade of over $420 billion. With a population of nearly 100 million, it has strong purchasing power and a rapidly growing middle class. The economy is actively stepping up integration into the world through free trade agreements.

It has attracted nearly $322 billion in investment from 126 countries and territories in key economic fields such as manufacturing, infrastructure development, construction, real estate, energy, tourism and distribution. Many major international groups have had fruitful investment and business activities in the country and become an important driving force of Vietnam’s economic growth.

He highlighted the goal of turning Vietnam into a modern industrialized nation, meaning it has high demand for developing modern and synchronous infrastructure, energy, and educational systems, which are also the fields Japan is strong in. This is a great chance for Japanese businesses and entrepreneurs to expand their investment in Vietnam, especially in manufacturing, agriculture, energy, IT, smart cities, services, infrastructure, finance, banking, and innovative startups, and take part in the equitization of State-owned enterprises.

He underlined the country’s consistent policy of attaching importance to the partnership with Japan, based on common geopolitical-economic interests and trustworthy friendship, which have been solidified in the 45 years since diplomatic relations were established.

Vietnam wants to bolster bilateral economic, trade, and investment ties in the time ahead and always considers Japanese businesses and entrepreneurs a leading strategic partner in restructuring the economy, promoting reform and innovation, developing a knowledge-based economy, and improving growth quality and national competitiveness, the President added.

Speaking at the event, Chairman and CEO of JETRO, Mr. Hiroyuki Ishige, recalled cooperative outcomes between Japan and Vietnam, especially their efforts in the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), emphasizing that the deal will be a driving force for economic, trade and investment cooperation between the two countries in the future.

President Quang, State Minister of Economy, Trade and Industry Yoji Muto, and Mr. Ishige also witnessed the presentation of investment certificates and signing of memoranda of understanding on cooperation projects between the two countries’ businesses and localities.

On this occasion, Vietjet Air announced the launch of a direct route linking Hanoi and Osaka, which will be operated daily from November 8. Earlier, the budget carrier worked with Japanese partners to organize charter flights from Vietnam to several Japanese cities, such as Osaka, Narita, Sendai, Nagoya, Komatsu, Ibaraki, and Fukushima.

Deputy Director General of Vietjet Air, Ms. Nguyen Thi Thuy Binh, said the Hanoi - Osaka route is the carrier’s first to Japan and it will open more flights from Vietnam to other major Japanese cities in the time ahead.

Prior to the event, President Quang met with Mr. Ishige, thanking JETRO for its support in connecting enterprises and organizing investment promotion conferences and dialogues to resolve business obstacles.

He asked that JETRO encourage Japanese firms to invest in clean and high-tech agriculture, support industries, and mechanical engineering in Vietnam, and help the country improve its agricultural value chain and sell its agriculture, forestry and fishery products in Japan.

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