Joint initiative of Vietnam and Japan to enhance added value of industries

MOU signing ceremony of Vietnam-Japan Joint Initiative in the new era

The Ministry of Planning and Investment (MPI) coordinated with the Japanese Embassy in Vietnam and the Vietnam - Japan Economic Committee under the Federation of Japanese Economic Organizations (Keidanren) held a kick-off meeting for the Vietnam-Japan Joint Initiative in the new era, phase 1.

Minister of Planning and Investment Nguyen Chi Dung and co-chairs of the Japan-Vietnam Economic Committee Masayuki Hyodo and Fujimoto Masayoshi chaired the meeting.

The two sides also agreed that the expected implementation time for phase 1 of the Vietnam-Japan Joint Initiative in the new era is 19 months (from March 2024 to October 2025). In particular, a mid-term review meeting (around December 2024) and a high-level meeting are expected to evaluate the results of the implementation of the new phase 1 around October 2025.

The Vietnam - Japan Joint Initiative in the new era consists of five major groups of issues. They are promoting the Asia Zero Emission Community and green transition; Promoting innovation and digital transformation; Strengthening supply chains, including the development of the supporting industries; Training high-quality human resources in IT, AI, and semiconductors; and reforming mechanisms to improve the business climate.

In the first phase of the Vietnam-Japan Joint Initiative in the new era, Minister Dung proposed that both sides would coordinate closely to build and implement the tasks of the joint initiative associated with specific outputs; closely follow and go hand in hand with strategic tasks, programmes, and content consistent with current trends to achieve the goals set out by Vietnam in strategies and plans such as the ten-year socioeconomic development (2021-2030), green growth strategy, industrialisation strategy, national digital transformation programme, supporting industry development programme.

Masayohi said he appreciated the government and Vietnamese agencies for implementing many solutions to improve investment environment to become more and more attractive, which has made Japanese businesses feel secure and build more active business and investment activities in Vietnam.

The Vietnam - Japan Joint Initiative was initiated in April 2003, as a special cooperation between the governments of Vietnam and Japan. Through 20 years, the Vietnam-Japan Joint Initiative has completed eight phases, with a total of 497/594 items completed well and on schedule, accounting for 84 per cent of the total items in the two sides’ action plan. It has been making important contributions to foreign investment from Japan and from countries around the world into Vietnam.

Japanese investors have poured in 5,304 projects with a total registered investment of almost $74.4 billion cumulatively as of the end of March, greatly contributing to Vietnamese socioeconomic development.

In the first three months of the year, Japan's total registered capital reached $520.2 million, an increase of 63 per cent on year. The increased registered capital of Japanese investors proves that Japan is considering Vietnam an attractive and safe investment destination.

Japanese investors catch the eye in real estate sector Many domestic real estate developers are expecting to cooperate with Japanese investors as strategic partners to receive capital and share the management capacity.

Japanese retail businesses want to expand in Vietnam 100 per cent of Japanese retail businesses in Vietnam have expansion plans, according to a Survey on the Status of Japanese Enterprises Investing Abroad in the fiscal year 2023.

Can Tho lures Japanese investment with skilled workforce, infrastructure advantages Chairman of the People’s Committee of the Mekong Delta city of Can Tho Tran Viet Truong highlighted the potential benefits awaiting Japanese enterprises investing in the city during a working session on March 18 with a delegation of executives of Japanese banks led by Managing Executive Officer of Gunma Bank Uchibori Takeo.

Prime Minister works with Japan Business Federation Vietnam always treasures ties with Japan and activities of its investors in the country, Prime Minister Pham Minh Chinh told a delegation from the Japan Business Federation (KEIDANREN) led by Masayoshi Fujimoto and Masayuki Hyodo, Co-chairmen of KEIDANREN’s Japan - Vietnam Economic Committee at a working session in Hanoi on March 28.