Industrial spin on Japan relationship

image source: cpv.org.vn

Minister of Planning and Investment Vo Hong Phuc said the governments and business communities of both countries would concentrate on improving policy-making and implementation in Vietnam in the fourth stage of the Vietnam-Japan Joint Initiative.

Both sides will spend more time on further discussions as part of the 4th Vietnam-Japan Joint Initiative, which was launched six years ago to make Vietnam’s investment environment more attractive to Japanese investors.

The Ministry of Planning and Investment (MPI) and Japan’s embassy in Vietnam held a meeting last week to work out achievements and shortcomings in the implementation of the 3rd Vietnam-Japan Joint Initiative during November, 2008 to December, 2010. Accordingly, 81 per cent of a total 62 contents proposed by the third phase were successfully achieved, while the remaining 19 per cent has not yet had final results.

The third phase concentrated on improving long-term issues regarding policies and laws on investment, tax, labour, salaries, strikes, customs, intellectual property rights, supporting industries, automobile manufacturing, power, road, communication and urban transportation development.

Issues behind schedule include those relating to tax, intellectual property rights, food hygiene and safety, infrastructure, supporting industry and urban transportation.

“Both sides have agreed to enter the fourth stage of the joint initiative, demonstrating their desire to help Japanese investors investing in Vietnam and potential investors as well feeling more secure and confident to develop their business in Vietnam,” said Japanese ambassador Yasuaki Tanizaki.

“The third phase was successful and we hope the next phase to be inaugurated will also help promote Japanese investment flows into Vietnam,” Tanizaki said.

Susumo Kato, co-chairman of the Japan-Vietnam Economic Council and also a member of the Japan Business Federation (Keidanren), agreed that the third phase’s achievements were a result of close cooperation between the two governments and enterprises.

“The most important thing of the third phase was the creation of a strategic partnership and cooperation between the two governments and business communities, and it is very important that the both sides have joined hands to make Vietnam’s investment environment more favourable.

“I strongly believe that this partnership will be promoted in the future and we will make better efforts to implement the new phase of the joint initiative successfully,” Kato said.

As of November 2010, Japanese firms had registered to invest a total of $20.7 billion in 1,273 projects in Vietnam, ranking third among foreign investors in the country.

Japan registered nearly $1.6 billion in 88 projects in Vietnam in the first 11 months of 2010, ranking fourth among foreign investors so far this year.