A section of metro line No. 1 built with Japan's ODA in HCM City (Photo: VNA)

Hanoi (VNA) – The Ministry of Planning and Investment (MoPI) pledged to provide the best possible conditions for Japanese enterprises to operate in Vietnam and cooperate with Vietnamese localities.

The commitment was made by MoPI Deputy Minister Nguyen Van Trung at a talk between leaders of 26 Japanese firms and 36 provinces and cities of Vietnam in Hanoi on January 16. 

The function was part of an official visit to the Southeast Asian nation by Japanese Prime Minister Shinzo Abe.

Trung described the potential for investment cooperation as huge. Japan is currently the second biggest foreign investor and the fourth largest trading partner in Vietnam. It has invested in most provinces and cities and key economic sectors in the country.

Japanese firms are the most practical channel of external relations and economic partnership, helping with Vietnam’s socio-economic development, he said, lauding effective investment projects from Japan.

Hiroto Izumi, an advisor to the Japanese PM, said more than 1,600 Japanese companies operate in Vietnam and have greatly contributed to local development.

His country’s Government welcomes economic partnerships between Japanese and Vietnamese localities and wants to support those activities.

He believes that the time is ripe for localities of Vietnam to introduce their advantages to Japanese enterprises and improve the investment climate.

At the talk, some Japanese firms said each province should highlight their unique advantages to attract investment.

They said transport is a field in which Japan can assist Vietnam, adding that Hanoi should develop a public railway system to ease traffic congestion, and Japan is ready to help Hanoi build this system.

Participants at the event also looked into cooperation potential in manufacturing, agriculture, food processing, trade and services.-VNA