Representatives of nearly 100 Japanese companies, including leading corporations operating in many different areas as well as small and medium-sized enterprises (SMEs), have held direct talks with Vietnamese enterprises in the dialogue between Vietnamese and Japanese businesses. The event was put on recently by the Vietnam Chamber of Commerce and Industry (VCCI) in collaboration with the Japanese Chamber of Commerce and Industry (JCCI) in Hanoi.
New development of the two countries
According to Dr Vu Tien Loc, President of VCCI, 2013 will mark a new development in the history of bilateral relations. During the recent 40 years, with many national and international events, the friendly relations between the two countries have exceeded all challenges, flourishing and contributing to peace, stability and development for the benefit of the two countries and peoples of Vietnam and Japan.
Dr Loc said that, although the world’s political and economic situations a lot of complexities, the Vietnam-Japan strategic partnership continues to develop well, especially in economic cooperation. Japan is Vietnam’s leading trade and investment partner. Vietnam-Japan trade relations are growing based on sustainable partnership between the two countries. The relationship has been put more impetus since the ASEAN –Japan Comprehensive Economic Partnership Agreement (AJCP) came into effect and especially after the two sides signed the Vietnam-Japan Economic Partnership Agreement (VJEPA). – Comprehensive Economic Partnership Agreement (AJCP) came into effect and especially after the two sides signed the
Japan is the world's 3rd largest economy; its two-way trade turnover in 2011 was up to US$1,660 billion. The two economies have the difference, but due to the economic characteristics, living habits, consumption features of the two countries, Vietnam and Japan economies are mutually complementary, so Vietnamese enterprises still manage to access Japan’s market. With that premise, it’s reasonable that Japan became one of Vietnam leading potential and stable partners in the economic, trade and investment even in moments of upheaval.
In 2011, even though Japan suffered the severe earthquake, tsunami and nuclear crisis, economic, trade, industry and investment cooperation between the two countries is still growing strong. Bilateral trade turnover of Vietnam - Japan was US$21.1 billion in 2011, up 26 percent compared to 2010. In particular, Vietnam's exports to Japan reached US$10.7 billion, increased 39 percent compared to 2010. In the first six months of 2012, two-way trade turnover of Vietnam - Japan reached nearly US$12 billion. Vietnam-Japan set an aim to have trade turnover up to US$30 billion in 2015.
Many Vietnamese goods have set strong foothold in the Japanese market such as textiles, fisheries, and cables. Vietnam imported from Japan equipment, machinery and raw materials for production with a turnover compatible with Vietnam's export turnover to Japan. It reflects the mutual complementarity of the two economies. It is also the different features of Vietnam's trade relations with Japan compared to relations of Vietnam and other countries in Southeast Asia and Northeast Asia, that Vietnam has huge trade deficit.
Japanese has invested in Vietnam from an early age; it is always in the list of leading investors in Vietnam. As of 2011, Japan had over 1,600 direct investment projects still valid, ranked fourth in the registered capital over 92 countries and territories investing in Vietnam, but always leading in implemented capital. Several major Japanese corporations have been present in Vietnam with reputable and competitive products with high technical content, including brand names in various fields such as Sumitomo, Toyota, Mitsubishi, Hitachi and Toshiba ... which have become familiar with the people of Vietnam. The aforementioned groups invested in the areas of infrastructure, supporting industries and high-quality human resource training. Vietnam desires that in the future, not only large corporations but also small and medium enterprises, especially enterprises operating in the field of industrial support, continue to promote investment into Vietnam.
In the first three months of 2012, Japan also ranked first over the 26 countries and territories investing in Vietnam, with total newly registered and increased investment capital of US$2.3 billion, accounting for 88.8 percent of total investment capital in Vietnam. Japan maintains ODA for Vietnam at a high level and continues to be the largest bilateral donors in Vietnam.
Continuing to create favorable conditions for Japanese investors
Dr Loc affirmed that Vietnam attaches great importance to strengthening and furthering economic cooperation, trade and investment with Japan. Vietnam appreciates the role of Japanese and Vietnamese organizations and associations such as Vietnamese Association in Japan, JETRO, Keidanren, etc. in enhancing and promoting trade and investment relations and economic, culture and education exchange between the two countries.
"Vietnam welcomes and continues to create favorable conditions for Japanese businesses to operate successfully in Vietnam, especially in the field of infrastructure, ports, industrial support and education,” said Dr Loc.
In addition to bilateral cooperation, Vietnam and Japan also continue to work closely and effectively within the framework of international and regional cooperation. Starting from the strategic partnership between the two countries and assessing that Japan’s participation in the Trans-Pacific Partnership (TPP) will contribute to improve the potential for cooperation and the attractiveness of economic integration and strengthen mutually beneficial cooperation between Asia-Pacific countries, Vietnam will soon support Japan to take part in TPP negotiation. () will contribute to improve the potential for cooperation and the attractiveness of economic integration and strengthen mutually beneficial cooperation between Asia-Pacific countries, Vietnam will soon support Japan to take part in TPP negotiation.
According to Mr Tadashi Okamura, President of the Japan Chamber of Commerce and Industry (JCCI), Vietnam has received much attention from Japanese enterprises, especially from the SMEs. The purpose of the visit and work this time of the Japanese enterprises in Vietnam is to exchange information with Vietnamese companies, find partner, understand investment environment in Vietnam to help Vietnamese enterprises to develop, contributing to the development of Vietnam, especially improvement of Vietnam’s investment environment.
Mr Tadashi Okamura also expects the two governments will continue to share ideas about cooperation between the two sides in order to improve the investment environment in Vietnam in the coming time.
According to Aki Kojima, Deputy Head of Representative Office of JCCI in Vietnam, though many Vietnamese enterprises have their marketing strategy, but Japanese firms still have not accessed this information. For example, Vietnam has many industrial areas, but the Japanese companies know very little about this information, they are often passive in seeking information. Therefore, according to Ms Aki Kojima, Vietnamese businesses should provide information in a complete and systematic, rather than doing in a single way.
Quynh Chi
Vietnamese
