The Foreign Investment Agency (FIA) and Japanese heavy industry group IHI Corporation held a forum in Hanoi on October 8 to help enhance collaboration between the company and Vietnamese investors and partners.

At the forum, themed "Vietnam 2020 and Beyond: Modernisation for the Next Stage of Growth", FIA Director Do Nhat Hoang said Japan has been the country's leading economic partner and investor.

He cited the contribution of Japanese companies through direct investment, as well as official development assistance (ODA) loans from the Japanese Government and the Japan International Cooperation Agency.

Japanese support is an important additional resource that will improve Vietnam’s infrastructure system and enhance the competitiveness of its economy, he said.

Japanese investors recognise Vietnam as a priority area for investments with favourable and attractive conditions. Japan has so far invested in 2,410 projects worth 36.3 billion USD in Vietnam.

Tamotsu Saito, IHI Corporation President and CEO, said his group clearly understands Vietnam’s development targets and is willing to participate in the country's development process. IHI will actively cooperate with and support Vietnam’s partners in training and technology transfer, he added.

Representatives of the two countries' businesses also discussed the sharing of experience in investment cooperation. They said the business investment environment in Vietnam is not really perfect as it is a developing country, so its legal system is gradually improved.

Hoang confirmed that Vietnam is trying to improve its business and investment climate in a positive way and has been recognised by foreign investors as a result, with FDI projects further increasing in recent years.

Attracting FDI projects from Japanese and other foreign companies remains important, so Vietnam has been exerting efforts to further improve its legal framework and raise the efficiency of FDI projects.

IHI manufactures a range of products, from plants, machinery and facilities that support industry and society to simpler facilities that are closer to people's daily lives.

In Vietnam, IHI is currently involved in a number of important projects, including the Nhat Tan Bridge, Binh Bridge and Hanoi-Ho Chi Minh City railway system rehabilitation.-VNA