Vietnam-Japan ties promote impetus for integration process
Vietnam has brought into full play its cooperation with Japan to generate new momentum for the country’s integration and development process, a Vietnamese economic expert said.
Assembly line at the Sankoh Vietnam Co. Ltd, a 100 percent Japanese investment company. (Photo: VNA)
Hanoi (VNA) – Vietnam has brought into full play i🅷ts cooperation with Japan to generate new momentum for the coun🤡try’s integration and development process, a Vietnamese economic expert said.
Deputy Head of the Vietnam Trade Promotion Agency Do Kim Lang made the statement at a conference to promote trade links in IT and software between the two countries held in Hanoi on November 23, during which he highlighted efforts made by the Vietnamese Government to fine-tune the business and investment climate.
Vietnam has paid attention to simplifying administrative procedures while improving its financial and banking system, and infrastructure facilities, which are expected to help attract more foreign investments, especially those from Japan, he said.
Kobayashi Tatsuo, CEO of Kansai Information System Industry Association in Osaka prefecture, said IT firms from the Kansai region are interested in Vietnam markets. He added that representatives from 12 companies in Kansai are on taking a fact-finding tour to Vietnam to seek business opportunities.
IT connections between Vietnam and Japan have reaped successes in recent times. There are more and more Japanese businesses selecting Vietnam as an attractive destination for investment. Meanwhile, Japan is one of the three largest markets for Vietnamese IT firms.
According to Nguyen Doan Hung , Chairman of the Vietnam - Japan IT Cooperation Club (VJC), Vietnam has a great opportunity to expand its market and promote cooperation in the IT field with Japan. He advised Vietnamese businesses to focus on improving the quality of their products in order to meet requirements from their Japanese counterparts.
Government statistics show that between 2011 and 2013, Japan topped the list of 101 countries and territories investing in Vietnam. By October 2015, Japan poured 1.48 billion USD into new and existing projects in Vietnam, raising its total investment in the Southeast Asian nation to nearly 39 billion USD.
Japan is Vietnam’s third largest trade partner and second biggest importer.
Two-way trade has witnessed stable growth every year, reaching nearly 19 billion USD in the first eight months of the year. Vietnam’s key exports to Japan include textiles, crude oil and aquatic products.-VNA
Japan’s Gifu prefecture will give priority to effective cooperation with Vietnam, especially in its major fields such as support industry, hi-tech agriculture and tourism, said Governor Furuta Hajime.
Vietnamese Ambassador to Japan Nguyen Quoc Cuong has expressed wish for further Japanese support to Vietnam in processing and preserving food and farm produce.
Japan will continue providing ODA worth 172 billion JPY (1.4 billion USD), bringing total Japanese ODA for Vietnam to a record 300 billion JPY (2.5 billion USD) in fiscal year 2015.
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Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
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Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Assembly line at the Sankoh Vietnam Co. Ltd, a 100 percent Japanese investment company. (Photo: VNA)
