PM Phuc encourages Japanese IT investment in Vietnam

The Japanese companies which were present at the meeting all had successful operations in Vietnam

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PM Phuc said the fourth industrial revolution is changing the face of the world and the way people live and work. In this context, the driving force of the Vietnamese economy is gradually shifting to fields with high added value, using advanced technology, and high quality human resources. Vietnam has the advantage to grow in many areas, especially agriculture, IT, tourism, and education and training.

In 2015, Vietnam was among the top 10 countries in the Asia-Pacific and the top 30 in the world in software outsourcing. About 60 per cent of Vietnamese people under the age of 35 had quick access to new technology and about 52 per cent of the population used the internet.

PM Phuc also said that the Vietnamese government will prioritise investment in information infrastructure, digital connection, building the national database, ensuring data security, and building the human resources suitable for the digital age. The PM said he hoped that the Japanese companies will invest in all fields of the economy, but focus on technology-intensive projects that are environmentally friendly and would help develop the Vietnamese people.

The Japanese companies said they were all successful with their Vietnamese operations and will contribute to the socioeconomic development of Vietnam as well as the relationship between the two countries.

The PM said the suggestions and proposals of the Japanese companies regarding human resources training, postal and telecom services, logistics, and retail are very relevant to Vietnam and that the government and government agencies will do all they can to facilitate the operation of the companies.

Japan is the biggest official development assistance (ODA) donor to Vietnam, ranking second in cumulative foreign direct investment (FDI), the third biggest tourism partner, as well as the fourth biggest trade partner. As of the end of 2016, there were over 3,200 effective investment projects by Japanese investors in Vietnam, with the total registered capital of over $42 billion, accounting for 15 per cent of the total FDI reaching Vietnam.

A recent survey by JETRO showed that 66.6 per cent of Japanese companies investing in Vietnam plan to expand their business and continue to view Vietnam as an important investment destination.

Below are some images from the meeting: