Dr Vu Tien Loc, President of the Vietnam Chamber of Commerce and Industry (VCCI), recently hosted a meeting with Japan's Hokkaido Friendship Parliamentary Alliance, led by Mr Tsurube Isao, on the working visit to Vietnam at the VCCI Headquarters in Hanoi.
Dr Loc said Japan has been one of the leading investors of Vietnam for the past five years. As of August 20, 2013, Japan was the largest foreign investor in Vietnam with US$33.06 billion of registered capital and ranked third in projects with 2,029 projects. It also ranked second in the value of registered capital disburse with US$10.8 billion.
Mr Tsurube Isao said that Hokkaido now wants to cooperate with Vietnam in many fields, including coal mining, mineral and fisheries. He hoped VCCI will propose the Government of Vietnam expand cooperative relations between two countries in many fields.
Dr Loc said that, apart from coal and mineral fields, the strengths of Vietnam and Japan, the two countries should focus cooperation in human resource training and supporting industrial techniques.
He added that State-owned enterprises (SOEs) in Vietnam are being equitised and this is a good investment opportunity for foreign enterprises. Foreign investors often acquire good projects for development. Therefore, Japan cooperates with Vietnam in the fields it has advantages.
Besides, tourism is a great potential that Vietnam has not effectively tapped. Therefore, Dr Loc expected that Vietnam's amusement parks, entertainment sites and resorts will cooperate with Japan to attract more Japanese tourists to Vietnam to work and rest.
At the meeting, many Japanese companies also expressed interest in building factories in Vietnam. Dr Loc said, "Vietnam has been planning a nationwide network of large industrial zones. Japanese firms will receive the best support when they choose any province or city to invest in."
Mr Tsurube Isao appreciated the enthusiastic reception from the Vietnamese side and affirmed that Vietnam is not only a long-term investment destination of Japanese businesses, but also a trusted friend and partner of Japan. "We want to do our best for the mutual development of the two countries," he added.
According to statistics, the bilateral trade turnover in 2012 reached US$24.7 billion, representing an increase of nearly 50 percent over 2008, before the Vietnam - Japan Economic Partnership Agreement (VJEPA) took effect. Of the sum, Vietnam's exports to Japan valued US$13.1 billion, making Japan its third largest trade partner after China and the United States. The two-way trade revenue was estimated to top US$29 billion in 2013.
On investment, Japanese companies are expanding their presence in Vietnam with a growing investment scale. A majority of Japanese investment in Vietnam is channelled into processing and manufacturing industries.
Last but not least, Japan is also the largest ODA donor for Vietnam. Japan has significantly supported the effective development of the Vietnamese power industry. To date, 12 projects have been funded with Japanese ODA loans valued at over 400 billion yen (US$5 billion).
Quynh Anh
Vietnamese
