The Vietnam - Japan Economic Forum was jointly held by the Vietnam Chamber of Commerce and Industry (VCCI) and the Japan Chamber of Commerce and Industry (JCCI) on the occasion of the working visit to Vietnam by President of the Japan-Mekong Business Cooperation Committee, President of JCCI Yoshihisa Suzuki. It is also to commermrate the 50th anniversary of diplomatic ties between the two countries.

Vietnamese and Japanese speakers at the Forum ( Photo: diendandoanhnghiep.vn)

Speaking at the Vietnam - Japan Economic Forum 2023, Pham Tan Cong, President of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Tan Cong said that with a future vision of the next 30 to 50 years, Vietnam's economic cooperation with Japan can reach the full growth potential.

According to Cong, Vietnam has set a goal to become a developed and high-income country by 2045. To achieve this goal, Vietnam will need to maintain a continuous GDP growth rate of 6-7% per year, which is a great opportunity for Japanese and Vietnamese businesses to develop together.

"The bilateral cooperation will focus on the high-tech agriculture, renewable energy, green growth, carbon waste reduction and start-up development sector, said the President of VCCI. Entrepreneurship development focuses on promoting innovation and creativity among businesses while the focus of renewable energy and green growth sector is towards a sustainable development economy.

These are also the pioneering pillars developed by VCCI in Vietnam over the past 20 years through mechanisms such as the National Startup Program and the Vietnam Business Council for Sustainable Development.

In particular, there are four provinces and cities: Hai Phong, Quang Ninh, Hai Duong, and Hung Yen, located in the key economic region of the Red River Delta. They have the best transport infrastructure logistics systems in Vietnam, connected by the Eastern highway with one end of the highway being Hanoi capital and the other end being Quang Ninh, making it easier to reach the Chinese market.

President of VCCI Pham Tan Cong (third from right) presents a souvenir to the President of the Japan-Mekong Business Cooperation Committee (JCCI) Yoshihisa Suzuki (second from right) at the Forum (Photo: diendandoanhnghiep.vn).

Another advantage is that this area also owns international airports and leading seaports in Vietnam, and abundant human resources. It has the potential to become an economic growth pole in the North of Vietnam. Cong claimed that this is an ideal area for Japanese businesses to invest in the future.

“With the great achievements in over 50 years of Vietnam-Japan relations, thanks to the business community, the people, and the Governments of the two countries, the trade and investment cooperation between the two countries grows more and more," said VCCI President adding that VCCI identifies Japanese businesses as Vietnam's top strategic business and investment partners.

At the forum, the President of the Japan-Mekong Business Cooperation Committee, the President of JCCI Yoshihisa Suzuki also affirmed that Japanese businesses are paying more attention to Vietnam and ASEAN markets.

In particular, Vietnam is an attractive destination in expanding investment in the field of services and start-ups. According to a survey conducted by JETRO with more than 600 Japanese enterprises investing in Vietnam, enterprises participating in the survey, all expressed their desire to expand production and business in Vietnam.

Notably, Vietnam is the second-most attractive investment destination, after the United States. Many Japanese businesses are expected to increase revenue from Vietnam's market because it is expanding in export volume and has the potential for higher growth.

Suzuki said, in high-value fields such as in high-tech agriculture, renewable energy and green growth, start-ups… capital inflows from Japanese businesses promise to contribute to supporting and creating development motivation for Vietnamese businesses. So it is necessary for the two sides to take advantage of the Forum to meet face-to-face, exchange information and seek cooperation partners in these fields.

He reaffirmed that Japan considers Vietnam to be a leading important economic partner. On the other hand, Japan is currently Vietnam's largest ODA provider, the second biggest partner in human resources cooperation. Also, it is Vietnam's third-largest tourism investor and partner, and fourth-largest trading partner.

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