President appreciates Japan’s discipline, responsibility, business culture

Addressing the Vietnam Investment Promotion Conference in Tokyo on May 31, President Quang said the Japanese business community, including leading groups, not only act as pioneers in investment cooperation but also help boost the bilateral relations in a more practical and effective manner.

He stressed that the conference offered a valuable chance for the two countries’ businesses to review their investment cooperation and seek new affiliation opportunities, thus helping enhance and deepen the Extensive Strategic Partnership for Peace and Prosperity in Asia.

The Vietnamese leader took the occasion to thank Japan for its support for Vietnam’s nation building, safeguarding and development, especially in infrastructure, human resources training and poverty reduction.

Japan is currently the biggest ODA provider for Vietnam with over US$30 billion committed, which has made important contributions to upgrading infrastructure, improving human resources, increasing national administration capacity and accelerating poverty reduction in Vietnam.

The works and projects using Japanese ODA have been operating effectively across Vietnam, notably Terminal T2 of the Noi Bai International Airport, the Lach Huyen International Seaport and the Ho Chi Minh City - Trung Luong Expressway. 

In terms of investment, Japan is always a leading partner of Vietnam with over 3,700 projects totalling more than US$50 billion.

Bilateral trade has enjoyed stable growth, exceeding US$33 billion last year.

People-to-people and cultural exchanges also see strong developments. Last year, more than 300,000 Vietnamese people visited Japan, and nearly 800,000 Japanese people traveled to Vietnam, he noted.

President Quang said Vietnam has become a dynamic economy with GDP of about US$230 billion and trade of over US$420 billion. With a population of nearly 100 million, it has strong purchasing power and a rapidly growing middle class. The economy is actively stepping up integration into the world through signed free trade agreements.

Vietnam has attracted nearly US$322 billion in investment from 126 countries and territories in key economic fields such as manufacturing, infrastructure development, construction, real estate, energy, tourism and distribution. Many big international groups have had fruitful investment and business activities here and became an important driving force of Vietnam’s economic growth.

He highlighted the goal of turning Vietnam into a modern industrialised nation, so Vietnam has very big demand for developing modern and synchronous infrastructure, energy and educational systems, which are also the fields Japan is strong in. This is a precious chance for Japanese businesses and entrepreneurs to expand investment in Vietnam, especially in manufacturing, agriculture, energy, IT, smart city, services, infrastructure, finance, banking, and innovative start-ups, and take part in the equitisation of State-owned enterprises.

He underlined the country’s consistent policy of attaching importance to the partnership with Japan basing on the common strategic geopolitical-economic interests and trustworthy friendship, which have been solidified over the last 45 years.

Vietnam wants to bolster bilateral economic, trade and investment ties in the time ahead, and it always considers Japanese businesses and entrepreneurs a leading strategic partner in restructuring the economy, promoting reforms and innovation, developing a knowledge-based economy, and improving growth quality and national competitiveness, President Quang added.

Speaking at the event, Chairman and CEO of the Japan External Trade Organisation (JETRO) Hiroyuki Ishige recalled cooperation outcomes between Japan and Vietnam, especially their efforts to the signing of the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP), emphasising that the deal will be a driving force for economic, trade and investment cooperation between the two countries in the future.

Also at the conference, President Quang, Japanese State Minister of Economy, Trade and Industry Yoji Muto, and JETRO Chairman Hiroyuki Ishige witnessed the presentation of investment certificates and memoranda of understanding on cooperation projects between the two countries’ businesses and localities.

On this occasion, Vietjet Air announced the launch of a direct route linking Hanoi and Osaka which will be operated daily from November 8 this year. Earlier, the budget carrier has worked with Japanese partners to organise some flights from Vietnam to several Japanese cities like Osaka, Narita, Sendai, Nagoya, Komatsu, Ibaraki, and Fukushima.

Deputy Director General of Vietjet Air Nguyen Thi Thuy Binh said the Hanoi-Osaka route is the carrier’s first air route connecting with Japan. The carrier will open more flights from Vietnam to other big Japanese cities in the time ahead.

Before the event, President Quang had received JETRO Chairman Hiroyuki Ishige, thanking JETRO’s support in connecting enterprises and organising investment promotion conferences and dialogues to solve business obstacles.

He asked JETRO to encourage Japanese firms to invest in clean and hi-tech agriculture, support industries and mechanical engineering in Vietnam, and help the Southeast Asian country to improve its agricultural value chain and sell its agro-forestry-fishery products in the Japanese market.

The conference, jointly held by the Vietnamese Ministry of Planning and Investment and JETRO, attracted the participation of more than 600 enterprises from both sides.