PM Pham Minh Chinh (right) and JBIC Governor Hayashi Nobumitsu at the reception. Photo: VNA

Prime Minister Pham Minh Chinh described Japan as a leading important economic partner of Vietnam during a reception in Hanoi on September 14 for Governor of the Japan Bank for International Cooperation (JBIC) Hayashi Nobumitsu, VNA reported.

The PM also hailed Japan as the top bilateral supplier of official development assistance (ODA), the second biggest labour cooperation partner, the third biggest investor and the fourth largest trade partner of Vietnam.

Japan has so far provided nearly USD 30 billion in ODA for Vietnam while about 350,000 Vietnamese labourers are working in the Asian country. Japan now has 4,873 valid projects worth over USD 65 billion in Vietnam. Two-way trade reached USD 42.7 billion in 2021 and rose by 11.9% annually the first half of this year to USD 23.4 billion, according to the government leader.

Vietnam always regards Japan as a top, long-term strategic partner and supports Japan's contributions to peace and development in the region and the world as well, he said.

Vietnam is determined to maintain political stability, social safety and order, build a transparent business environment and drastically deal with difficulties faced by Japanese firms, PM Chinh added.

PM Pham Minh Chinh (R) shares Vietnam's priority on attracting resources for sustainable growth. Photo: VNA

He suggested the Governor continue working closely with Japanese agencies to help Vietnam build a self-reliant and globally integrated economy; enhance policy consultations and workforce training; and promote public-private partnerships in the transition to green and clean energy; build strategic infrastructure, especially transport infrastructure; step up innovation and digital transformation; build a digital government, digital economy and society; and develop supporting industries and equipment production for renewable energy.

The Vietnamese leader proposed JBIC offer more preferential loans to Japanese and Vietnamese enterprises participating in joint projects as agreed by the two PMs, encourage Japanese firms to diversify supply chains to Vietnam, thus helping Vietnam join its supply chains and making Japan the biggest investor in Vietnam soon.

He expects that more priority would be given to Vietnam to deliver on its commitments to reduce greenhouse emissions to zero by 2050 as well as access the USD-10-billion aid package committed by Japanese PM Kishida Fumio at the 26th United Nations Climate Change Conference of the Parties (COP26).

On the occasion, PM Chinh hoped JBIC and the Japanese Government will work with parties concerned to deal with issues related to Nghi Son oil refinery project in the spirit of “harmonised interests, shared risks”.

Agreeing with the PM’s proposals, Nobumitsu hailed Vietnam as an attractive destination for Japanese investors and the top priority of JBIC, applauded Vietnam's ability to maintain macroeconomic stability amid global uncertainty, especially stabilizing petrol prices, maintaining growth momentum, and having a potential consumption market.

He promised that JBIC and Japan will actively partner with Vietnam in climate change response, especially energy transition and renewable energy development via assistance in terms of capital, technology and workforce training.

The Governor also vowed to work with relevant agencies to deal with issues related to the Nghi Son oil refinery project as directed by the PM, and continue launching practical initiatives to intensify the Vietnam-Japan extensive strategic partnership.

At the meeting between Ministry of Natural Resources and Environment and the Japan Bank for International Cooperation. Photo courtesy of the ministry

The same day, Minister of Natural Resources and Environment Tran Hong Ha had a courtesy meeting with Hayashi Nobumitsu.

The minister wishes and believes that JBIC will play an important role in promoting the process of economic model transformation in Vietnam, from relying on the exploitation of non-renewable natural resources to exploiting renewable and digital resources for socio-economic development, meeting the requirements of the new global trend.

Over the past time, JBIC has actively participated in forums and exchanged policies with Vietnamese ministries and sectors to support the implementation of energy transition through promotion of gas and renewable energy projects; coordinated in the development of policy recommendations of the Japan Business Association in Vietnam in the field of electricity and energy; worked with other international organizations to support the Vietnamese Government in formulating and perfecting relevant legal regulations.

In the coming time, the JBIC Governor wishes to continue promoting cooperation and supporting the Government of Vietnam in general and the Ministry of Natural Resources and Environment in particular in implementing policies to respond to climate change. climate change, carbon emission reduction and energy transition to achieve the target of carbon neutrality by 2050 as committed by Vietnam.

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