Given Japan’s position as Vietnam’s most important partner in investment and cooperation, Vietnam opens its arms to Japan’s high quality FDI projects with high energy efficiency, and environmentally friendliness aiming at technology transfer, according to Prime Minister Nguyen Xuan Phuc.
Overview of the meeting. Source: VGP.
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The PM expressed strong support for greater cooperation between Vietnamese and Japanese enterprises in supporting industries, taking Vietnamese goods to both regional and global distribution networks.
According to PM Phuc, Vietnam has been steadfast in maintaining stable macro-economic conditions, while putting efforts in creating a transparent business environment for companies doing businesses in the country.
The Vietnamese government would continue to be a business facilitator and treasure the interests of enterprises and citizens, Phuc added.
With a population of nearly 100 million, Vietnam has a large workforce with 60% below the age of 35, he said.
Over the past few years, Vietnam has been actively integrating into global economy and contributing to the formation of large-scale trade cooperation mechanisms, including the Comprehensive and Progressive Trans – Pacific Partnership (CPTPP), and recently, the EU – Vietnam Free Trade Agreement (EVFTA).
This has opened up new opportunities for foreign investment flows into Vietnam and the country’s exports in the coming time, Phuc continued, urging Japanese companies to take advantage of this momentum.
Additionally, Vietnam is in need of ODA and other financing sources to develop infrastructure, Phuc stated.
Japanese corporations present at the meeting highly regarded Vietnamese government’s efforts in improving the businesses environments and expected to contribute further to Vietnam’s socio-economic development.
Some expressed interests in forming linkages with local companies to increase the localization rate in the supporting industries, as well as providing training for labor forces in this sector.
Last year, Japan’s NIDEC invested US$250 million in Vietnam for high-tech engine production, saying it plans for an additional investment of US$1 billion.
In 2018, retailer Aeon bought in Vietnamese goods worth US$300 million for its distribution network in Japan. The figure is expected to rise to US$500 million.
