Vietnamese Football Teams Compete in Japan's FAVIJA Champions Cup 2024
	Vietnam-Japan University - Symbol of Bilateral Cooperation

Assistance in fostering economic growth and industrialization

According to Ambassador Ito Naoki, over the past year, despite leadership changes in both nations, high-level dialogues and exchanges have expanded and deepened in various sectors, including economics, trade, investment, security, human resource development, and people-to-people exchanges. Notably, in the economic and trade domain, Vietnam and Japan launched the "Japan-Vietnam Joint Initiative in the New Era" last March. This initiative has yielded concrete results across five areas of cooperation including energy, innovation, supply chain enhancement, high-quality human resource development, and investment environment improvement.

Japanese Ambassador Ito Naoki.

Additionally, Japanese businesses in sectors such as semiconductors, energy, retail, and infrastructure development are showing increasing interest in Vietnam. Highlighting key achievements over the past year, Ambassador Ito Naoki noted that Tokuyama Corporation established a subsidiary in Vietnam in August to produce semiconductor components, Rorze inaugurated a new factory in Hai Phong in October, and a Japanese company launched a liquefied natural gas (LNG) power plant in Thai Binh Province in March.

"Another noteworthy point is Vietnam’s first metro line (Metro Line No. 1) in Ho Chi Minh City, set to begin operations this December. This project was carried out in collaboration with the Japan International Cooperation Agency (JICA) and with the participation of Japanese companies. The inauguration of Metro Line No. 1 will serve as an iconic urban transportation project symbolizing the cooperation between our two nations. I firmly believe this project will significantly transform the lives of Ho Chi Minh City residents," Ambassador Ito Naoki emphasized.

Ambassador Ito Naoki stated that within the framework of the Comprehensive Strategic Partnership, the relationship between Japan and Vietnam has been growing deeper and more extensive. Under the leadership of the Communist Party of Vietnam, headed by General Secretary To Lam, the new era presents an excellent opportunity to further enhance the friendly and cooperative ties between the two nations.

Metro Line No. 1 is an iconic urban transportation project symbolizing the cooperation between Vietnam and Japan.

Greater focus on Vietnamese workforce

Highlighting the cooperation in developing high-quality human resources between the two nations, Ambassador Ito Naoki expressed the high regard Japanese businesses have for Vietnamese workers.

"Since the two countries established a new partnership, the number of Vietnamese living and working in Japan has grown significantly, surpassing 600,000 for the first time. Japan remains a top destination and a preferred choice for Vietnamese workers. We are committed to improving the framework and environment to make Japan an even more attractive destination for Vietnamese youth, ensuring it continues to be a leading labor market for them," Ambassador Ito Naoki remarked.

"Vietnamese human resources are incredibly important and valuable to Japan's economy and society. We want to ensure that Vietnamese workers can live happier lives in Japan," Ambassador Ito Naoki affirmed. He also revealed that the Japanese government has recently introduced new regulations allowing Vietnamese workers who face harassment or abuse to transfer to other employers. Additionally, Vietnamese workers, who have historically faced high fees to secure employment in Japan, will benefit from measures under the new rules that require Japanese companies to contribute to reducing intermediary costs.

Citing the latest survey results from the Japan External Trade Organization (JETRO), Ambassador Ito Naoki noted that Vietnam consistently ranks as the second most promising investment destination for Japanese companies. Trade and investment between the two nations have seen remarkable growth, with bilateral trade volume increasing by 1.8 times over the past decade. "With such rapid growth, I am optimistic that Japan and Vietnam can elevate bilateral trade from US$90 billion to US$100 billion. Vietnam is rising into a new era, and Japan is eager to stand by its side, providing active support throughout this journey," Ambassador Ito Naoki emphasized.

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