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Thursday, January 20 2022
Tiếng Việt
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Date 21/10/2021-17:29:00 PM
Vietnam and Japan kick off the Phase VIII of Joint Initiative
(MPI) - Minister of Planning and Investment Nguyen Chi Dung and Co-Chairmen of the Vietnam - Japan Economic Committee, under the Japan Business Federation (KEIDANREN) co-chaired the Kick-off Meeting: Vietnam - Japan’s Phase VIII of Joint Initiative on the afternoon of October 21st, 2021.

The meeting was held virtually under the collaboration of the Ministry of Planning and Investment (MPI), the Japanese Embassy in Vietnam and Vietnam - Japan Economic Committee (KEIDANREN). Participants of the meeting were Vietnamese representatives from the Ministry of Industry and Trade (MOIT), Transport (MOT), Ministry of Labor, Invalids and Social Affairs (MOLISA), Ministry of Construction (MOC), Ministry of Natural Resources and Environment (MONRE), Ministry of Finance (MOF), Ministry of Justice (MOJ), and State Bank of Vietnam. Participants from Japan were the Japanese Embassy in Vietnam, Vietnam - Japan Economic Committee (KEIDANREN), JICA, JETRO, JBIC, and the Japan Business Association in Vietnam.

The Vietnam - Japan Joint Initiative initiated in April 2003 is a special collaboration of the two Governments. Serving as a policy dialogue forum between Japanese investors and relevant Vietnamese ministries and agencies, it contributes to creating an open and transparent business and investment environment in Vietnam, and providing constructive policy recommendations as reference information to complete laws and policies for Vietnamese authorities.

Minister Nguyen Chi Dung speaking at the meeting. Photo: MPI

Minister Nguyen Chi Dung at the opening stated that the cooperation relationship between Vietnam and Japan had attained great achievements and better results. The deep and attached relationship, complementary cooperation, sharing and support, mutual development have been established, consolidated and further promoted by the two parties.

“We are really appreciated and grateful for the active and timely support of the Japanese Government, people and business community in donating vaccines, medical equipment and contributing to the vaccine fund. These great physical and mental supports have significantly helped Vietnam gradually control the COVID-19”, said Minister Dung.

The Vietnam - Japan Joint Initiative is a practical and effective policy dialogue framework. The active cooperation between Japan and Vietnamese ministries and sectors through seven phases over the past 18 years has significantly contributed to formulating policies and improving investment environment of Vietnam. It is also expected that Japan would pay more attention to boosting cooperation in industrialization, innovation and digital transformation to support Vietnamese businesses in starting-up, adapting technology, enhancing and connecting with Japanese businesses to participate in the value chain, and increasing theefficiency of investment cooperation.

Minister Nguyen Chi Dung informed the socio-economic performance in Vietnam and said that, despite being seriously affected by the COVID-19 outbreak, Vietnam was one of the few countries in the world to achieve the positive growth. Generally, the socio-economic perfomance has achieved positive results in the first nine months of 2021, the pandemic was gradually controlled, and localities began to ease social distancing and reopen the economy in the “new normal”.

Foreign investment flows into Vietnam tended to recover and grow in the first nine months of 2021. Total registered capital has reached USD 22.15 billion, up by 4.4% over the same period. This is a high growth rate compared to the general level of countries in the region and the world, showing investors’ confidence in Vietnam. With the positive results of FDI attraction, Vietnam was named among world’s top 20 host economies for FDI for the first time, according to UNCTAD.

Minister Nguyen Chi Dung expressed the gratitude towards Ambassador Extraordinary and Plenipotentiary of Japan to Vietnam, Co-Chairman of the Vietnam - Japan Economic Committee, under KEIDANREN, ministries, line ministries, working groups and the business community for the implementation of the Vietnam - Japan Joint Initiative over the past stages, as well as for their participation and proposals to the Joint Initiative Phase VIII implementation.He also stressed that the MPI would continue to accompany Japanese enterprises’ investment and business in Vietnam to boost investment cooperation of both countries, for the common prosperous development.

Co-chairman of the Vietnam - Japan Economic Committee Hideo Ichikawa. Photo: MPI

Co-Chairmen of the Vietnam - Japan Economic Committee, under KEIDANREN highly appreciated the Vietnamese Government, ministries and line ministries for always being attentive, supportive and open to suggestions from Japanese businesses in improving the business investment environment. Co-chairman Hideo Ichikawa thanked the MPI for the constant support for Japanese businesses to invest in Vietnam and believed that the two parties would continue to share and promote activities to boost their bilateral relations evermore.

The COVID-19 has affected economic, production and business activities as well as travel between countries and heavily damaged the supply chain. In that context, economic activities will return to normal thanks to the vaccination acceleration and implementation of COVID-19 prevention measures to soon control the pandemic.

As stated by Masayoshi Fujimoto, with its potential in population, political and social stability and strong growth rate, Vietnam would continue to be an attractive market for investors. Besides, Vietnam has a long coastline and geopolitical advantages; while being a member of the supply chain and being active in economic integration with new-generation trade agreements signed. Vietnam has achieved positive results in FDI attraction, playing an important role in the global supply chain.

According to Masayoshi Fujimoto, Vietnam needs to sustainably improve the business investment environment in the coming time; develop infrastructure, transport and energy; provide investment incentives and support in the future. The Joint Initiative Phase VIII has some new contents, including innovation, which are continue to be supported by KEIDANREN.

Co-chairman Masayuki Hyodo expressed the appreciation towards Vietnamese ministries and agencies for their enthusiastic consideration towards proposals and recommendations of Japanese enterprises to improve the business investment environment. Japanese enterprises will continue to carry out high-quality investment activities and technology transfer for Vietnamese enterprises, contributing to the socio-economic development of Vietnam.

At the conference, lead economists of the Economic Research Institute for ASEAN and East Asia; Head of the Japan - Vietnam Joint Initiative Committee presented about socio-economic and post COVID-19 situation; analyzed Vietnam's prospects and solutions to attract more investment; and provided specific policy proposals to maintain and enhance the connected supply chains, etc.

Presenting the results of the Joint Initiative Phase VII implementation and the vision and potential of phase VIII, Do Nhat Hoang, Director General of Foreign Investment Agency, MPI said that the Vietnam - Japan Joint Initiative had completed seven phases. 430 out of 525 sub-categories, equivalent to 82% in the Action Plan werewell implemented on schedule; and 52 out of 52 committed categories has been completed or in progress. This result is the effort of the Vietnamese agencies in the Action Plan implementation, showing the Government's persistent policy in continuously improving investment and business environment in Vietnam.

The Action Plan of Phase VIII consists of 11 issue groups, including: (1) Regime of case law publication and application /Regime of civil judgment enforcement/Regime of competition; (2) Law on Investment and Law on Enterprises; (3) Improvement of the working environment; (4) Promotion of infrastructure investment in the form of public-private partnership (PPP); (5) Reform of state-owned enterprises and stock market; (6) Method of implementing specific measures to create the best electricity structure in Vietnam; (7) Efforts to improve laws and regulations related to natural gas pipeline construction and promotion for import of liquefied natural gas; (8)Issues related to land; (9) Supporting industry; (10) Promoting activities of the Vietnam National Innovation Center (NIC) and innovation activities in localities and enterprises; and (11) Highly skilled human resources development.

Because the global economy has been seriously affected by the COVID-19 pandemic, especially disruptions in supply chains, Vietnam and Japan agreed to add three new groups of issues of Supporting industry, Innovation, and Development of highly skilled human resources to meet the needs of restructuring and investment diversification of the upcoming investment capital flow.

Japanese Ambassador to Vietnam Yamada Takio. Photo: MPI

Yamada Takio, Japanese Ambassador to Vietnam highly valued the Vietnam - Japan Joint Initiative Phase VIII and its specific contents. The contents of this phase will be evaluated in 2023, which is also the year of 50thanniversary of the Vietnam - Japan diplomatic relations. He hoped that the two countries would continue to make cooperative efforts and actively implement the commitments in the Action Plan for the success of Phase VIII, contributing to improving the investment and business environment of Vietnam, towards a common goal of development and prosperity of both Japanese and Vietnamese business community.

As emphasized by Ambassador Yamada Takio, in the context of the complicated Covid-19 with severe impacts on individual and business activities and on national supply chains, including Vietnam’s, the proposed contents for the coming period, especially the additional new issue groups: Supporting Industry, Innovation and Human Resource Development contribute to the economic development and solving problems of both countries. Ambassador YAMADA Takio thanked the Vietnamese Government and the MPI for always listening and supporting Japanese businesses. He also guaranteed Japan’s continued support to Vietnam in pandemic prevention and socio-economic development.

At the conclusion, Minister Nguyen Chi Dung highly appreciated the efforts of Japanese working groups as well as Vietnamese ministries and sectors for actively discussing to agree on the Action Plan contents.In the context of the global extensive and intensive integration, with new mechanisms and frameworks for economic cooperation, Vietnam - Japan Joint Initiative needs to focus on new approaching methods and new ways of deployment that are more realistic to achieve higher results.

Aside from the issues concerned by Japanese businesses, it is important for the Phase VIII to mention groups of macro issues with strong and feasible policy recommendations, to improve the investment environment, promote more Japanese investment in Vietnam and enhance the comprehensive strategic partnership between Japan and Vietnam. Minister Nguyen Chi Dung suggested that Japan should strengthen cooperation in industrialization, innovation and digital transformation to support Vietnamese businesses in starting-up, adapting technology, enhancing and connecting with Japanese businesses to participate in the value chain, and increasing the efficiency of investment cooperation.

Minister Dung also suggested the two sides to co-host technical meetings to continue discussing specific contents of each issue group, and report to the Heads for consideration.

Representatives of the Vietnamese and Japanese governments sign a Memorandum of Understanding to implement the eighth phase of the Vietnam - Japan Joint Initiative.
Photo: MPI

At the meeting, Minister Nguyen Chi Dung, Japanese Ambassador to Viet Nam and Co-Chairman of the Vietnam - Japan Economic Committee, under KEIDANREN signed the Memorandum of understanding to officially implement the eighth Phase of the Vietnam - Japan Joint Initiative./.

Bao Linh
Ministry of Planning and Investment

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