(MPI) - Ministry of Planning and Investment in collaboration with the Japanese Embassy in Vietnam, Vietnam - Japan Economic Commission (under Japan Business Federation - Keidanren) kicked off the Vietnam-Japan Joint Initiative in the new area, phase 1 in Hanoi on March 27.

The Vietnam-Japan Joint Initiative in the new area, phase 1. Photo: MPI

The Vietnam - Japan Joint Initiative, launched in 2003 and went through eight phrase, is a policy dialogue forum between Japanese investors and relevant Vietnamese ministries and agencies. It contributes to providing constructive policy recommendations, creating an open and transparent business and investment environment in Vietnam, and promoting the investment and technology from Japan as well as other countries into Vietnam.

On the basis of the Joint Statement on the Elevation of the Japan-Viet Nam relations to the Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the world, the two sides agreed to implement next phase of the joint initiative called the “Vietnam - Japan Joint Initiative in the new era, phase 1”.

Minister of Planning and Investment Nguyen Chi Dung at the meeting called for Japanese investors continue to enhance partnership and investment in some new strategic fields. He also asked Japan to maintain and promote official development assistance (ODA) cooperation for the benefit of both sides as set in the Joint Statement, including prioritised areas of Promoting cooperation to ensure economic security, Training high-skilled workforce, Innovation, Technology transfer, Digital transformation, Green transformation, Strategic infrastructure, Climate change response and Healthcare.

Fujimoto Masayohi, Co-Chairman of the Vietnam - Japan Economic Commission, Keidanren thanked the Vietnamese Government and agencies for listening to the opinions of Japanese businesses, and implementing many solutions to improve the country’s investment climate. This helps increase Japanese investor confidence in Vietnam to expand their business activities here.

He underlined of the need of deepening Vietnam-Japan economic cooperation through implementing the Vietnam-Japan Joint Initiative in the new era. It will be also an important factor to promote added value of industrial production.

Japanese Ambassador to Vietnam Yamada Takio hailed that the joint initiative has contributed significantly to improving the investment environment in Vietnam, particularly Vietnam rated as the second most attractive and potential investment destination.

The Jambassador said that the Vietnam - Japan Joint Initiative in the new era will continue to promote innovation, and develop manufacturing industry and supporting industries in Vietnam to build a sustainable value chain.

Yamada Juinichi, Executive Senior Vice President of the Japan International Cooperation Agency (JICA) said that there are ample room for the two countries to foster ODA cooperation. Japan has provided over 2.700 billion JPY in ODA loans for Vietnam since 1992 with a focus on infrastructure projects. Japan’s ODA accounts for over 30% of bilateral development aid that Vietnam has received

“ During the implementation of the joint initiative, JICA will continue to promote quality growth in Vietnam and build a sustainable society through investment in infrastructure”, he noted. JICA will serve as a bridge in deepening the two countries’ ties in the next 50 years.

Signing of the memorandum of understanding on the Vietnam - Japan Joint Initiative in the new era, phase 1. Photo: MPI

The Vietnam - Japan joint initiative in the new era, phase 1 consists of five major groups of (1) Promotion of the Asia Zero Emission Community and Green Transformation (AZEC/GX); (2) Innovation and digital transformation (DX); (3) The strengthening of the supply chain, including supporting industries; (4) The training of high-quality workforce in information technology (IT), artificial intelligence (AI), and semiconductor; (5) The reform of mechanisms to improve the business climate. The two sides agreed that the first phase will last for 19 months from March 2024 to October 2025.

At this occasion, Minister Nguyen Chi Dung, Japanese Ambassador to Vietnam Takio Yamada and Co-Chairs of the Vietnam - Japan Economic Commission, Keidanren signed a memorandum of understanding on the Vietnam - Japan Joint Initiative in the new era, phase 1. The MPI Minister also awarded them with the insignia “For the cause of Vietnam’s planning and investment sector”./.

Bao Linh

Ministry of Planning and Investment