Japanese Ambassador to Vietnam Kunio Umeda told the meeting (Photo: VNA)

Hanoi (VNA) – Enhancing Vietnam’s labour productivity is the priority of the Vietnam – Japan Joint Initiative that aims to improve Vietnam’s investment environment, a Japanese diplomat has said.

“Vietnam’s labour productivity remains low in Southeast Asia,” Japanese Ambassador to Vietnam Kunio Umeda told the meeting to launch the seventh phase of the initiative in Hanoi on July 31. Vietnam needs measures to improve its labour productivity as it is key to sustainable development and international competitiveness.

The Vietnam-Japan Joint Initiative was launched in April 2003 as part of joint efforts by the two governments to improve Vietnam’s investment climate and expand Japanese investment in the country.

Over the past six phases, more than 470 action plans have been carried out.

The seventh phase, scheduled from August 2018 to the end of 2019, aims to cover 10 items, including some left by the previous phase and new contents.

Nine have been agreed by Vietnamese and Japanese agencies involved in the phase during the meeting.

According to the Japanese Ambassador, the contents of the seventh phase reflect the development of Vietnam’s economy.

He expressed his hope the initiative will bring positive outcomes as they aim to improve the living standards of Vietnamese people while enhancing the nation’s international competitiveness.
Minister of the Planning and Investment Nguyen Chi Dung at the meeting (Photo: VNA)

For his part, Minister of the Planning and Investment Nguyen Chi Dung praised efforts made by Vietnamese ministries and agencies and Japanese working groups to reach consensus on the action plan for the seventh phase.

The Minister suggested the Vietnam – Japan Joint Initiative carry out the phase with a new approach and implementation method suitable with global integration.

Dung also highlighted the significant achievements in growing Vietnam – Japan ties, particularly in 2018, when the two nations mark the 45th anniversary of their relations.

“With the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Vietnam is becoming an attractive destination for businesses, particularly those from Japan,” Dung said.

During the meeting, the Japanese side made 65 policy recommendations, focusing on regulations on investment in Vietnam for foreign investors as prescribed in the Investment Law, the Law on Enterprises, the Land Law and other laws.

Japanese Ambassador to Vietnam Kunio Umeda and Minister Nguyen Chi Dung sign the MoU (Photo: VNA)

The recommendations also cover the reform of State enterprises and the stock market, the intensification of industrialisation with international competitiveness, labour and wages, and the legal framework on the public-private partnership (PPP) model.

The two sides agreed on three meetings, slated for late 2018, mid 2019 and late 2019 to review the implementation of its seventh phase.-VNA