Deputy PM suggests Vietnam, Japan boost cooperation in spearhead industries

Hanoi (VNA) – Deputy Prime Minister Tran Luu Quang on February 15 suggested Vietnam and Japan strengthen their investment cooperation, especially in spearhead industries, pay attention to technology transfer to Vietnam, and promote green transition.

Speaking at the Vietnam-Japan Economic Forum 2023 in Hanoi, the Deputy PM affirmed that the Vietnamese government will always accompany and create optimal conditions for Japanese firms to operate in the Southeast Asian nation for a long-term.

The two countries should expand their trade collaboration, he said, stressing the need to effectively implement bilateral and multilateral cooperation mechanisms such as the Vietnam-Japan Free Trade Agreement, the ASEAN-Japan Comprehensive Economic Partnership (AJCEP), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) in order to raise the bilateral trade revenue in a balanced manner.

Quang also suggested the two countries elevate their strategic partnership on digital platforms, thus opening up investment and connectivity opportunities for businesses.

 

He called on the Japanese side to share its experience and knowledge in digital transformation and business administration, and build research and development (R&D) centres in the country.

The forum was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI) and the Japan Chamber of Commerce and Industry (JCCI) on the occasion of the working visit to Vietnam by Chairman of the Japan-Mekong Business Cooperation Committee Yoshihisa Suzuki.

VCCI Chairman Pham Tan Cong noted that Japan is among the three biggest foreign investors in Vietnam with about 4,835 projects worth over 64 billion USD.

Two-way trade was reached nearly 50 billion USD last year, making Japan the fourth largest trade partner of Vietnam, he said, adding that with a vision set for the next 50 years, the two countries boast substantial potential to boost their economic cooperation.

Vietnam expects to become a developed country with upper income by 2045, and to achieve the goal, the country needs to maintain its GDP growth constantly at 6-7% annually, which would be a great opportunity for Japanese and Vietnamese enterprises to grow together.

Discussions within the forum will focus on the bilateral cooperation in high-tech agriculture, renewable energy, green growth and startup, according to Cong.

 

Suzuki said the forum will also touch upon post-COVID-19 issues, the implementation of economic development targets and the enhancement of cooperation between businesses of the two countries./.