Vietnam-Japan dialogue spotlights business climate for foreign investors

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The event was co-held by the Vietnam Chamber of Commerce and Industry and the Japan–Mekong Business Cooperation Committee at the Japan Chamber of Commerce and Industry (JCCI) on the occasion of a visit by some 50 leaders of Japanese firms operating in the fields of trade, machine building, automobile, banking, construction, food processing, aviation, home appliances and consultancy.

At the Vietnam – Japan economic dialogue held in Ha Noi on March 12. (Photo: VNA)

The attendees focused their discussion on issues such as Vietnam’s current credit and land policies and regulations, or development potential in tourism and transportation.

In his opening remarks, VCCI Vice Chairman Hoang Quang Phong lauded the economic cooperation between Vietnam and Japan, saying the two-way trade has been growing steadily over recent years.

In 2017, Japan was Vietnam’s biggest investor with about 9.11 billion USD or 25.4 percent of total foreign direct investment (FDI). The bilateral trade exceeded 33.4 billion USD, making Japan one of Vietnam’s largest trade partners last year while Vietnam received the greatest amount of non-refundable financial aid from Japan, Phong noted.

He stressed that the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP TPP) freshly inked by 11 member states in Chile is a success thanks to efforts made by both Vietnam and Japan. It will pave the way for enhancing the two countries’ cooperation and contribute to the robust growth of the global trade, he added.

Japan plays a vital role in Vietnam’s effort to reform the export structure towards reducing exports of raw materials and increasing shipments of high-value products, the VCCI official said.

Chairman of the Japan-Mekong Business Cooperation Committee Yoichi Kobayashi, for his part, said the dialogue provides a good opportunity for businesses from both sides to meet in person and seek future partnership. It is very helpful as Japanese firms show great interest in the Vietnamese market, notably with regard to investment policies and franchising.

Phong said Vietnam and Japan see greater potential for cooperation in some new areas, including agriculture, tourism, education, human resources development, transportation and distribution, in addition to the manufacturing sector that has already seen the success of the Vietnam-Japan cooperation with the presence of big names like Toyota, Honda, Canon and Panasonic.

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