Great potential for Japan to invest in chip technology in Vietnam: Deputy PM
Vietnam boasts great potential for developing the chip technology industry and it hopes to attract investment from Japan in this area, Deputy Prime Minister and Minister of Finance Ho Duc Phoc told a Japanese official.
Deputy Prime Minister and Minister of Finance Ho Duc Phoc (Photo: The Ministry of Finance)
Hanoi (VNA) -🍎 Vietnam boasts great potential for developing the chip technology industry and it hopes to attract investment from Japan in this area, Deputy Prime Minister and Minister of Finance Ho Duc Phoc told a Japanese official.
During a working session with Nakanishi Yusuke, Senator of the Liberal Democratic Party (LDP) of Japan on August 28, the Vietnamese official said in addition to large land areas, abundant water resources, and airport infrastructure, two crucial resources for advancing the chip technology industry are rare earth mines and a high-quality workforce.
He suggested the Japanese side consider allocating official development assistance (ODA) funds to support Vietnam in modernising the Vietnam Automated Cargo and Port Consolidated System/Vietnam Customs Information System (VNACCS/VCIS) in the time to come.
The two sides discussed orientations to develop several sectors related to chip technology, nuclear technology, and satellites.
Phoc praised the Japanese government's interest and guidance in promoting cooperation between the two countries in recent times, contributing to strengthening the bilateral relations, and the development of Vietnam's financial sector in particular. He expressed his hope that the comprehensive strategic partnership between the two countries will advance to a new level, entering a phase of stronger, deeper, and more extensive cooperation.
Japan is a big trade, economic, and investment partner of Vietnam, and currently is the largest ODA provider to the Southeast Asian nation. Projects invested by Japan in Vietnam are modern, sustainable, and highly effective, contributing to socio-economic development.
According to Deputy PM Phoc, Vietnam is focusing on boosting socio-economic development, especially digital economy, green economy, and sharing economy.
Representatives of the two sides present souvenirs at the meeting (Photo: VietnamPlus)
Despite the significant impact of the COVID-19 pandemic in recent years, Vietnam has managed to surf difficulties and maintain economic growth, partly thanks to the support from countries like Japan. Vietnam’s GDP expanded by 8.02% in 2022 and 5.05% in 2023, and it is forecast to grow over 6.5% in 2024.
According to Phoc, Vietnam will focus on economic development through three breakthroughs. They are improving the legal and institutional framework, developing high-quality human resources, and enhancing infrastructure. It will emphasise advanced technological solutions and energy transition towards realising the goal of achieving net-zero emissions by 2050.
Vietnam is concentrating on developing transportation infrastructure, primarily highway, seaport, and international airport projects, and climate change adaptation projects in the 13 Mekong Delta localities.
These goals require substantial funding, he said, showing a hope that Japan will continue to provide ODA funds for Vietnam via the Japan International Cooperation Agency (JICA).
Yusuke congratulated Phoc on his new position as Deputy PM, and the Ministry of Finance on the 79th founding anniversary (August 28, 1945 – 2024).
Pleased with Vietnam's remarkable socio-economic achievements, Yusuke said over the last 51 years of diplomatic relations between the two countries, Japan has worked to support Vietnam in its socio-economic development goals, and its important role in the East-West economic corridor and the Southeast Asian region.
The 100-billion-JPY (nearly 699.5 billion USD) loan from the Japanese government for Vietnam in 2023 is a vivid demonstration of this effort, he said./.
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