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Japan, Vietnam in Deal for Further Trade, Industrial Cooperation

Posted: Thursday, September 14, 2017

Japan and Vietnam Thursday signed an agreement to pave the way for further cooperation in industrial production and trade, supporting the Southeast Asian country’s efforts to further integrate into the regional and global economy.

The agreement signed in Hanoi between Vietnam’s Minister of Industry and Trade, Mr. Tran Tuan Anh, and Japan's Minister of Economy, Trade and Investment (METI), Mr. Hiroshige Seko, will help promote cooperation in automobile, energy and food processing industries, the Ministry of Industry and Trade said.

Japan is among the largest sources of foreign direct investment in Vietnam and one of Vietnam’s largest export markets. Bilateral trade in the first eight months of this year rose 12.3% from a year earlier to $21.4 billion, according to the ministry. Trade between the two countries reached $29.6 billion last year.

Speaking at a meeting earlier Thursday, Mr. Tran Tuan Anh said Japanese companies are encouraged to invest in energy projects in Vietnam, especially in gas-fired power plants, renewable energy and in environment protection projects, the ministry said.

Mr. Tran Tuan Anh also asked METI to jointly find ways to further boost bilateral trade by building mechanisms to lift any barriers hindering trade, the ministry added. Vietnam’s key exports to Japan include garment, footwear, seafood, electronics and machinery, while it imports mainly automobiles, electronics and components, fabrics and plastic products from Japan.

Mr. Hiroshige Seko said Japan is willing to enhance its cooperation with Vietnam under the frameworks of the Transpacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (RCEP).


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