Vietnam and Japan are working closely together to develop detailedaction plans to carry out Vietnam 's industrialisation strategy, aspart of their cooperation agreement towards 2020 with a vision to 2030.
Under the strategy approved by the Prime Minister earlier thismonth, Vietnam has defined six industries that will be prioritisedfor development in the near future as they are key to the nationaleconomy.
The six industries are electronics, agriculturalmachinery, agricultural and seafood processing, ship building, theenvironment and energy saving, and the manufacture of cars and spareparts.
These industries can stimulate domestic and foreigninvestment, especially from Japanese enterprises and spread‘technological seeds' to other industries and the economy in general.
At the first policy meeting between the Ministry of Planning andInvestment and the Japanese Business Federation, Keidanren, recentlyheld in Hanoi , it was stated that liaising closely with Japan willhelp to speed up the industrialisation process in Vietnam ,especially as the country targets becoming industrialised in 2020.
With roughly 2,000 investment projects already in operation and nearly33 billion USD of registered capital in Vietnam so far, Japan istop of the 101 nations and territories from around the world to investin the country.
Over 83 percent of their investment focuses onthe processing and manufacturing industries, where Vietnam is keento attract more foreign direct investment.
The head of theCentral Institute for Economic Management, Le Xuan Ba, said that the sixpriority industries could create a breakthrough in attracting even moreFDI, especially from Japanese investors.
They will also helpto change the structure and the different industrial models in Vietnam, which will support the country's economic restructuring, he said.
The co-chairman of the Japan-Vietnam Economic Committee,Takahashi Kyohei, said that ASEAN member countries are committed todeveloping an ASEAN Economic Community as a single market and productionbase by 2015 and Vietnam will be at the heart of the market'ssupply chain.
Japan was already committed to helpingVietnam boost its support industries, which are the foundations ofindustrial development, but this did not prove to be as effective asexpected.
He said that the firms involved in support industries were mainly small and medium sized.
"The approval of the industrialisation strategy with its sixprioritized industries encourages investors and gives us a clearervision on how to work together and what to invest in," he said.
Minister of Planning and Investment Bui Quang Vinh, said thatgovernments and companies in both countries are making a lot of effortto improve the investment climate in Vietnam, including proposingsupport policies or solutions for existing problems.
In thepast, Vietnam has failed to put together an effective automobile andspare parts manufacturing strategy, said Vinh, blaming a lack ofdevelopment in the country's support industries and the incompatibilityof goals and policies, which include complex regulations, high taxes andfees. For example, motorbikes can be seen as luxury goods, but causestill traffic congestion.
In the near future, the country willfocus on solutions for these two issues, while ensuring the investmentclimate is much more favourable, he said.-VNA
Under the strategy approved by the Prime Minister earlier thismonth, Vietnam has defined six industries that will be prioritisedfor development in the near future as they are key to the nationaleconomy.
The six industries are electronics, agriculturalmachinery, agricultural and seafood processing, ship building, theenvironment and energy saving, and the manufacture of cars and spareparts.
These industries can stimulate domestic and foreigninvestment, especially from Japanese enterprises and spread‘technological seeds' to other industries and the economy in general.
At the first policy meeting between the Ministry of Planning andInvestment and the Japanese Business Federation, Keidanren, recentlyheld in Hanoi , it was stated that liaising closely with Japan willhelp to speed up the industrialisation process in Vietnam ,especially as the country targets becoming industrialised in 2020.
With roughly 2,000 investment projects already in operation and nearly33 billion USD of registered capital in Vietnam so far, Japan istop of the 101 nations and territories from around the world to investin the country.
Over 83 percent of their investment focuses onthe processing and manufacturing industries, where Vietnam is keento attract more foreign direct investment.
The head of theCentral Institute for Economic Management, Le Xuan Ba, said that the sixpriority industries could create a breakthrough in attracting even moreFDI, especially from Japanese investors.
They will also helpto change the structure and the different industrial models in Vietnam, which will support the country's economic restructuring, he said.
The co-chairman of the Japan-Vietnam Economic Committee,Takahashi Kyohei, said that ASEAN member countries are committed todeveloping an ASEAN Economic Community as a single market and productionbase by 2015 and Vietnam will be at the heart of the market'ssupply chain.
Japan was already committed to helpingVietnam boost its support industries, which are the foundations ofindustrial development, but this did not prove to be as effective asexpected.
He said that the firms involved in support industries were mainly small and medium sized.
"The approval of the industrialisation strategy with its sixprioritized industries encourages investors and gives us a clearervision on how to work together and what to invest in," he said.
Minister of Planning and Investment Bui Quang Vinh, said thatgovernments and companies in both countries are making a lot of effortto improve the investment climate in Vietnam, including proposingsupport policies or solutions for existing problems.
In thepast, Vietnam has failed to put together an effective automobile andspare parts manufacturing strategy, said Vinh, blaming a lack ofdevelopment in the country's support industries and the incompatibilityof goals and policies, which include complex regulations, high taxes andfees. For example, motorbikes can be seen as luxury goods, but causestill traffic congestion.
In the near future, the country willfocus on solutions for these two issues, while ensuring the investmentclimate is much more favourable, he said.-VNA
