Vietnam-Japan Trade Promotion Center – New Step in Bilateral Economic Ties

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Speaking at the event, Ngo Trinh Ha, Consul General of Vietnam in Osaka, Japan, expressed his hope that the new organizations will play an active role in promoting cooperation in trade, investment and people-to-people exchanges with substantial results.

The Vietnam-Japan Trade Promotion Center (VJP) and the Vietnam-Japan Entrepreneurs Club come into being at a ceremony in Hanoi on July 3. Photo: The World & Vietnam Report

Le Thuong, Vice President of the Vietnamese People's Association in Japan and Deputy Director of the newly established Vietnam-Japan Trade Promotion Center, said many Japanese companies are keen to explore potential partnerships and investment opportunities in Vietnam.

Meanwhile, Vietnamese enterprises seeking to invest in the Japanese market want official and verifiable information.

"The Association for Liaison with Overseas Vietnamese (ALOV) is the official channel that informs and supports businesses on both sides in the fastest way. The establishment of the Vietnam-Japan Trade Promotion Center, as well as the Vietnam-Japan Entrepreneurs Club and the Center for Consulting Services and Knowledge for Vietnamese Entrepreneurs Abroad, will facilitate contacts between the business communities of the two countries," Thuong said, as cited by Hanoi Times.

They will provide information and access to capital sources and organize meetings and exchanges between Vietnamese enterprises in Japan.

At the inauguration ceremony of the two organizations, many cooperation agreements were signed between the companies of the two countries in the presence of representatives of both countries.

Workers at a Japanese hi-tech company in Long An province. More than half of Japanese companies operating in Vietnam expected improvements in profits in 2024. Photo: VNA

The two-way trade turnover between the two countries reached $21.7 billion in the first six months of the year. Japan invested $979 million in Vietnam in the period, according to VnEconomy.

About half of Japanese companies operating in Vietnam expected improvements in profits in 2024, a survey conducted by the Japan External Trade Organisation (JETRO) found.

The survey also pointed out that about 56.7% of Japanese companies plan to expand their operations in Vietnam in the next one to two years.

In particular, 100% of surveyed Japanese retailers in Vietnam have expansion plans.

According to the General Statistics Office, last year Japanese investors injected $6.57 billion into Vietnam, accounting for 17.9% of total FDI, an increase of 37.3% against 2022, ranking second among countries and territories investing in the country.

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