Welcoming Japanese Businesses to Expand Investment Cooperation in Vietnam

9:28:33 AM | 21/9/2020

Prime Minister Nguyen Xuan Phuc recently hosted a meeting with Japanese economic organizations and Japanese businesses intending to expand investment in Vietnam.

Given negative impacts of Covid-19, Prime Minister Phuc welcomed and appreciated the Government of Japan for prompt decisions to support overseas supply chain diversification and expressed his pleasure to know that 15 out of 30 Japanese enterprises that received the first support from the Government of Japan wished to expand their investment to Vietnam. This is also a joy and an encouragement for Vietnam to confidently further improve the investment environment and create conditions for successful businesses, including Japanese.

The Government of Vietnam always appreciates the role of the Japanese business community - serious, responsible, effective investors that contribute to the budget income, pay attention to environmental protection, and take care of their workers' lives, he said.

Vietnam established a working group in charge of promoting foreign investment cooperation, led by a Deputy Prime Minister, to seize opportunities for investment cooperation, hold talks with foreign investors and handle proposals of major investors coming to Vietnam. The Prime Minister requested reopening commercial flights to some safe places, including Japan, applying a streamlined and convenient entry process, ensuring safety against the pandemic and good convenience for businesses.

Vietnam has a huge demand for development investment. The Prime Minister welcomed Japanese firms to expand investment cooperation in infrastructure, energy, manufacturing, high-quality agriculture, information technology, smart cities, financial services, banking, innovation-based entrepreneurship, and become strategic partners of equitized State-owned enterprises (SOEs) in Vietnam. The Government of Vietnam and authorities at all levels will accompany the business community, support and facilitate them to do business, bring more benefits to all parties and lift Vietnam-Japan relationship to a new level.

Japanese Ambassador Yamada Takio and business representatives said that, in the past 20 years, Vietnam's economy has grown rapidly and Vietnam has confirmed its position in the international arena.

During the Covid-19 pandemic breakout, Vietnam has shown its superior risk management capabilities and achieved certain results. Global investors, including Japanese, are paying much attention to Vietnam, a safe place for investment in the new normal after the Covid-19 pandemic.

According to a survey by Japan External Trade Organization (JETRO), many Japanese companies are considering moving their production bases to Vietnam. The Japanese side will continue to support them to invest in Vietnam and support Vietnam in the new normal.

Japanese investors put forth a number of proposals like reopening flights between the two countries, improving public investment disbursement, attracting more foreign investment into Vietnam, and improving Vietnam's credit rating, creating investment incentives suitable for Japan's manufacturing companies, building energy infrastructure in PPP investment mode, proposing human resource development, and developing new industries, supporting industries and research and development.

Recognizing and responding to concerns of Japanese businesses, the Prime Minister told central and local authorities and agencies to quickly deal with existing problems within their competence without delay. He affirmed that facilitating investment expansion of 15 Japanese businesses in the first phase would be deployed most smoothly as well as better prepared for the next investment phase.

Emphasizing that Vietnam has well controlled the Covid-19 pandemic, the Prime Minister stated that Vietnam will continue to maintain production and business activities, not to disrupt supply chains. Vietnam will continue to develop and upgrade infrastructure that is convenient for investors. In particular, it will prepare premises and industrial zones for them to locate factories immediately. Besides, it will maintain direct meetings to seek best solutions to deal with customs, tax, land, environment, labor and administrative procedures for investors.

Party General Secretary, State President Nguyen Phu Trong and Prime Minister Nguyen Xuan Phuc sent congratulations to Mr. Suga Yoshihide on his election as the President of the Liberal Democratic Party and new Prime Minister of Japan.

Vietnam has always attached great importance to the friendly cooperation relationship with Japan and wished to work closely with the Prime Minister and the new Government of Japan to develop the Vietnam-Japan strategic partnership to new heights, making it increasingly comprehensive, extensive, substantial, effective, for the benefit of the two peoples and for peace, stability, cooperation and development in the region and the world.

Source: Vietnam Business Forum