PM Pham Minh Chinh (R) and JETRO Chairman Ishiguro Norihiko. Photo: VNA

Prime Minister Pham Minh Chinh has suggested the Japan External Trade Organisation (JETRO) help Japanese firms further expand their operations in Vietnam, especially in green and digital transformation, circular and knowledge-based economy, climate change adaptation, supporting industries, innovation and technology transfer, particularly advanced, green and clean technologies, VNA reported.

At a reception in Hanoi on May 5 for JETRO Chairman Ishiguro Norihiko, PM Chinh thanked and highly valued JETRO’s practical and effective contributions to promoting trade and investment ties between the two countries.

According to the PM, the Vietnam - Japan extensive strategic partnership has been growing in various areas, with high political trust and closer connections between the two economies and people. Japan has continued to hold the position of Vietnam's top economic partner, the biggest partner in official development assistance (ODA), the second biggest partner in labour, the third largest partner in investment and tourism, and the fourth biggest partner in trade.

Japan is also embarking on a new-generation ODA programme for Vietnam to help the country recover its economy following the Covid-19 pandemic.

As there remains huge room for bilateral economic, trade, and investment cooperation, the government leader suggested Japan and JETRO continue assisting Vietnam in building an independent and self-reliant economy that actively and effectively integrates into the world, contributing to elevating the Vietnam-Japan relationship to a new height.

He also proposed JETRO continue working with Vietnamese agencies to popularise Vietnam’s images, potential, business opportunities and incentives to major Japanese firms; train workforce and share management experience, and call on Japanese investors to join and multiply the model of "public leadership, private administration" in industrial parks.

Highlighting cultural similarities and closeness between Vietnam and Japan, the PM proposed both sides step up people-to-people exchanges and labour cooperation, particularly in vocational training and IT workforce.

At a Vietnam-Japan business networking in Ho Chi Minh City. Photo: VNA

As the two countries are celebrating the 50th founding anniversary of bilateral diplomatic relations this year, he asked JETRO to work closely with Vietnamese ministries and agencies to hold trade and investment promotion activities effectively and practically.

The Vietnamese Government always accompanies and offers all possible support to the business community, continues holding dialogues to listen to investors, reform administrative procedures, and deal with difficulties and obstacles faced by them, PM Chinh said, adding that political and social stability will be maintained to help investors do business for a long term in the spirit of harmonising interests and sharing risks.

Norihiko, for his part, expressed his high expectation for Vietnam’s development and the relationship between the two countries, especially in green growth and digital transformation.

JETRO highly appreciates the Prime Minister's dialogues to listen to opinions of foreign investors, including Japanese businesses, which have helped to resolve their difficulties and obstacles.

Vietnam is the only country in ASEAN where JETRO has two representative offices in Hanoi and Ho Chi Minh City, he said, adding that these are also the busiest offices of JETRO in the world, demonstrating that Vietnam is a highly attractive investment destination, especially in the context of recent disruptions in the global supply chain.

Norihiko also hoped to strengthen cooperation with Vietnam in the events celebrating the 50th anniversary of bilateral diplomatic ties and pledged to make every effort to contribute to the increasingly developing Japan-Vietnamrelationship.

60% of Japanese investors in Asia-Pacific polled in a 2022 survey by JETRO said they plan to expand operations in Vietnam within the next two years. The rate is the highest in the ASEAN region and third in Asia-Pacific only after India (72.5%) and Bangladesh (71.6%).

Another survey of JETRO also revealed Vietnam ranks only after US as a favourite destination for investment for Japanese companies.

Also according to the poll, conducted in August and September last year, the prospect of business profit in Vietnam in 2022 recovered strongly after Covid, especially regarding the sectors of production - consumption and direct services, thanks to significant increases posted in export volume and market purchasing power. In 2023, the local manufacturing and non-manufacturing industries are forecast to improve by more than 50%.

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