VIETNAM, December 17 - TOKYO — Prime Minister Phạm Minh Chính and leaders of Vietnamese ministries, agencies and localities on Saturday attended a dialogue with major Japanese economic corporations on green transition and social infrastructure, as part of his working trip to the East Asian country for attendance at the Commemorative Summit for the 50th Year of ASEAN- Japan Friendship and Co-operation and bilateral activities.

They discussed practical and feasible solutions to boost bilateral trade and investment cooperation, especially in emerging areas.

The Vietnamese side provided feedback on each specific proposal and idea put forth by Japanese corporations regarding the development of renewable energy, green transformation in transport infrastructure, policies on electric vehicles, social infrastructure, health care, education, incentives for supporting industries and settlement of difficulties faced by specific projects.

They hoped that both sides will continue upholding the role of business dialogue mechanisms, especially the Việt Nam-Japan Joint Initiative, to deal with new challenges in business operations on the principle of equal partnership.

In his speech, PM Chính said that so far this year, Việt Nam has posted a trade surplus of around US$25 billion, drawn roughly $30 billion in registered foreign direct investment (FDI) and disbursed some $20 billion. The country also exported around 8 million tonnes of rice, helping to ensure global food security.

Việt Nam will continue ensuring fundamental factors for development and further reduce compliance time, input and logistics costs, thus improving its business competitiveness, he said, adding that with the policy of selectively attracting FDI with a focus on quality, efficiency, modern technology, and environmental protection, Việt Nam gives priority to attracting projects in green economy, digital economy, circular economy, knowledge-based economy, sci-tech, innovation, electronic components, electric cars, as well as potential core technologies like semiconductor industry, new energy such as hydrogen, renewable energy, financial centre development, green finance, biotechnology and health care.

He suggested major Japanese corporations assist Việt Nam in accessing new-generation official development assistance (ODA), green finance for energy transition within the framework of the Just Energy Transition Partnership (JETP) and the Asia Zero Emission Community (AZEC), investment resources for innovation, such as the Japanese Government's "Innovation/Digital Transformation Fund", aimed at providing impetus for sustainable socio-economic development in the future.

The Vietnamese leader also proposed Japanese investors further enhance collaboration in high-quality human resources training, share experience in management and developing business culture, step up research and development activities, innovation and technology transfer, contributing to the improvement of the resilience of supply chains to ensure stable production operations.

With the spirit of "harmonising interests, sharing risks", the Vietnamese Government will always accompany, listen to, support and create favourable conditions for foreign investors and those from Japan in particular to do business successfully and sustainably in the long term in Việt Nam, he said.

At a working breakfast with leaders of the top 10 Japanese microchip companies on the same day, PM Chính assured them that amid the ongoing global economic downturn, Việt Nam stands as a safe haven, offering favourable conditions for businesses to invest and operate stably and efficiently.

The development based on science-technology, including digital transformation and semiconductor industry, is an objective requirement, a strategic choice and a top priority of Việt Nam, he affirmed.

To advance the semiconductor industry, he said Việt Nam is focused on developing hard and soft infrastructure, technological and social infrastructure, facilitating the attraction and transfer of science-technology, training human resources, building transparent goals and policies and smart governance.

To make breakthroughs in the semiconductor industry, PM Chính called on the Japanese enterprises to invest in Việt Nam, including establishing research and development centres, grooming top-notch talents, building manufacturing facilities, all aimed at integrating Việt Nam into global supply chains.

On this occasion, the Vietnamese Government leader hosted a reception for Japanese Minister of Economy, Trade and Industry Ken Saito, during which he suggested launching Việt Nam-Japan co-operation in semiconductor manufacturing, chip design, artificial intelligence, big data, and more. He also welcomed Japanese businesses investing in semiconductor chip production in Việt Nam.

He proposed Japan consider and continue opening its market for Vietnamese fresh fruits, encourage more Japanese businesses to shift their investments and production supply chains to Việt Nam, especially in key and support industries; enhance collaboration to fuel green transformation in Việt Nam's pillar manufacturing sectors.

Calling for effectively carrying out activities of the AZEC Promotion Working Team in the coming time, he said there is the need to soon sign a co-operation agreement on energy transition to concretise Việt Nam's energy transition roadmap.

Meeting Chairman and CEO of the Japan External Trade Organisation (JETRO) Ishiguro Norihiko, the PM suggested JETRO continue working with Vietnamese agencies to popularise Việt Nam’s images, business environment and opportunities to major Japanese corporations and enterprises.

He encouraged Japanese businesses to increase their investment in Việt Nam and provide assistance in developing supporting industries, innovation linked to technology transfer, especially high-tech, green and clean technologies.

PM attends Việt Nam-Japan economic forum in Tokyo

On the same day, PM Chính also attended a Việt Nam-Japan economic forum in Tokyo.

At the event, with the theme highlighting the two countries’ economic relations in the new era and comprehensive strategic partnership for peace and prosperity in Asia and the world, leaders of Japanese ministries, organisations, and businesses praised Việt Nam's high growth rate, appropriate policies, large market, and excellent human resources.

They said that, with the perspective of being creative economic and social partners in the future, Japan will focus on collaboration and investment in Việt Nam, particularly in future industries, and the reduction of carbon emissions.

The forum also heard presentations by representatives of Japanese businesses outlining their orientations as well as cooperation and investment proposals in green development and digital transformation in Việt Nam.

Addressing the forum, PM Chính held that the two countries’ political trust is now at a very high level. Japan is currently Việt Nam's leading economic partner, ranking second in labour co-operation, third in investment and tourism cooperation, and fourth in trade cooperation. The two economies have complemented each other, contributing to mutual development.

He noted that with over 5,200 projects and more than $71.5 billion in registered capital, Japanese investors are present in almost all regions of Việt Nam. They are participating in many strategic projects in such key areas as manufacturing, processing industries, electronics components, research and development, finance, biotechnology, quantum technology, AI and modern healthcare.

Bilateral trade exceeded $40 billion in the first 11 months of 2023, with Việt Nam importing nearly $20 billion worth of goods from Japan. Among its foreign partners, Japan has signed the largest number of bilateral and multilateral free trade agreements (FTAs) with Việt Nam. Meanwhile, there are over 500,000 Vietnamese living, studying, and working in Japan, and vice versa more than 22,000 Japanese citizens are living, studying, and working in Việt Nam.

The Government leader stressed that the upgrade of the Việt Nam-Japan relations to a Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World has laid an important political foundation to continue expanding cooperation in new areas where both sides have strengths.

He told the forum that Việt Nam needs Japan’s further collaboration and support in the industrialisation and modernisation process, financial assistance with preferential interest rates, transfer of advanced technologies, and suggestions for building and improving its institutions, mechanisms, and policies.

PM Chính proposed Japan assist Việt Nam in training high-quality human resources and emphasised the necessity to step up the two sides’ locality-to-locality cooperation, people-to-people exchanges, and cultural collaboration.

He called on Japanese enterprises to continue investing in Việt Nam to achieve increasingly better results, as the successes of the investors are also the successes of Việt Nam.

As part of the forum, PM Chính and leaders of Vietnamese and Japanese ministries, sectors, and localities witnessed the exchange of 30 co-operation agreements in various fields, including the development of industrial infrastructure, urban areas, trade centres, green hydrogen production, battery production, energy, finance, digital transformation, and human resources training. — VNS