Politics

PM attends investment promotion conference in Japan

Vietnam Japanese PMs witnessed the hand-over of contracts and agreements worth 22 billion USD between the two sides at an investment promotion conference in Tokyo on June 5.
PM attends investment promotion conference in Japan ảnh 1Prime Minister Nguyen Xuan Phuc (3rd, R), Prime Minister Shinzo Abe (4th, R) and delegates at the conference (Source: VNA)
Tokyo, June 5 (VNA) –Prime Minister Nguyen Xuan Phuc and his Japanese counterpart Shinzo Abewitnessed the hand-over of contracts, investment licences and agreements worth22 billion USD between Vietnamese ministries, agencies, localities andbusinesses ​and Japanese firms at an investment promotion conference in Tokyo,Japan on June 5. 

This is the biggest ever conference oninvestment promotion in Vietnam held by the Japan External Trade Organisation(JETRO) in conjunction with the Vietnamese Ministry of Planning and Investment,the Bank of Tokyo-Mitsubishi UFJ (BTMU) and the Vietnam Joint Stock CommercialBank for Industry and Trade (Vietinbank). 

Addressing the event, PM Phuc quoted a recent JETROreport on the Vietnamese investment environment as saying that up to 90 percent of Japanese firms believe that business expansion in Vietnam will helpthem gain more profits. 

At the end of 2016, over 3,200 Japanese-investedprojects were valid in Vietnam with a total registered capital of  42billion USDS, making up 15 percent of total foreign direct investment (FDI) inthe country, he added. 

The leader called for Japanese investments insuch realms as electronics, farming machines, agricultural product processing,shipbuilding, environment, energy saving and auto manufacturing. 

Speaking to 1,600 delegates, including 200 fromVietnam, the PM said he was convinced that nothing can prevent a new era of theclose and trust-worthy  development cooperation between the two countries. 

The PM also invited Japanese investors to engagein M&A activities in combination with the equitisation of State-ownedenterprises in such areas as transport, infrastructure, food, foodstuff,agriculture, trade, tourism and construction. 

Other sectors that Vietnam is wooing foreigninvestments like public-private partnership (PPP) in infrastructure andstart-ups, he said.

He highlighted Vietnam’s political and socialstability and macro-economy, legal institutions and improved transparency inconformity with international commitments and standards, thus creating optimalconditions for investors and businesses to operate in Vietnam for a long-termand partake in regional and global value chains. 

The leader talked about opportunities generatedby the Vietnam-Japan Free Trade Agreement, under which the average tax imposedon Vietnamese exports to Japan will drop to 2.8 percent in 2018 while that onJapanese products will decline to 7 percent. 

“Vietnam pledges to create the best possiblebusiness climate, looking towards standards of the Organisation for EconomicCooperation and Development (OECD); reduce transaction costs; curb corruption;ease challenges regarding macro environment and policies; improve forecastcapacity and practise transparency and accountability with the businesscommunity,” he stressed. 

Affirming Japan as a trust-worthy strategicpartner of Vietnam, the PM said he believes that the close bilateral ties willbe a foundation for development and prosperity in each nation. 

In his remarks, PM Shinzo Abe assured that heand his Vietnamese counterpart will continue their strong support for Japanesefirms’ investment activities in Vietnam through high-quality infrastructureprojects, investment improvement and personnel training. 

Vietnam and Japan will step up their cooperationacross fields to reinforce free trade, he said, affirming his back forVietnam’s hosting of APEC 2017. 

At the event, Japanese businesses expressedtheir concerns regarding such fields as finance, banking, support industry,high technologies and high-tech agriculture. 
According to JETRO Vice President Yuri Sato, onethird of the surveyed Japanese firms voiced its wish to expand business inVietnam. 

Later the same day, PM Phuc met with leaders of Mitsubishi Group and Mitsui& Co., Ltd.

Earlier, he attended a roundtable seminar withbig Japanese investors jointly held by the Vietnamese Ministry of Planning andInvestment, Vietinbank and BTMU. 

The event saw the participation of leaders of majorJapanese groups in high technologies, electronics, oil and gas,finance-banking, trade and retail like Canon, Panasonic, Nipro Corporation,Taisei Corp, Tokyo Gas and Idemitsu, among others. 

The Japanese firms raised proposals regardingthe increase of locally-made content in industrial production in Vietnam, thedevelopment of support industry, infrastructure development and the expansionof retail market in the country. -VNA
VNA
#Nguyen Xuan Phuc #Shinzo Abe #BTMU #JETRO #M&A activities #PPP #OECD #APEC 2017 #Vietnam #Vietnam News #VietnamPlus Japan
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