Vietnam and Japan strengthen cooperation in key industries

Vietnamese Deputy Prime Minister Tran Liu Quang said at the 2023 Vietnam-Japan Economic Forum on February 15 that Vietnam and Japan should strengthen investment cooperation, especially in the field of leading industries, and suggested that Japan transfer technology to Vietnam to promote green transformation.

The Vietnamese government will always create the best conditions for Japanese companies to operate in Southeast Asian countries for a long time. The two countries should expand economic and trade cooperation, emphasizing the need to effectively implement the Vietnam-Japan Free Trade Agreement, the ASEAN-Japan Comprehensive Economic Partnership (AJCEP), the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP) ) and other bilateral and multilateral cooperation mechanisms to increase bilateral trade revenue in a balanced manner. It is recommended that the two countries enhance their strategic partnership on digital platforms, thereby opening up investment and connectivity opportunities for businesses. Call on Japan to share experience and knowledge in digital transformation and business management, and establish a research and development center in Vietnam.

Pham Tan Cong, chairman of the Vietnam Confederation of Chambers of Commerce and Industry (VCCI), pointed out that Japan is one of the top three sources of foreign investment in Vietnam, with 4,835 valid investment projects and a total investment of US$64 billion. Vietnam expects to become a high-income developed country by 2045. To achieve this goal, Vietnam needs to maintain an annual GDP growth rate of 6-7%. This will be a great opportunity for Japanese and Vietnamese companies to grow together.

The forum was jointly organized by the Vietnam Chamber of Commerce and Industry and the Japan Chamber of Commerce and Industry (JCCI) on the occasion of the Japan-Mekong Business Cooperation Committee Chairman Yoshihisa Suzuki's working visit to Vietnam. The forum mainly focused on bilateral cooperation in high-tech agriculture, renewable energy, green growth and entrepreneurship, as well as post-epidemic issues, implementation of economic development goals and strengthening cooperation between companies of the two countries.