More scope remains for Vietnam – Japan financial cooperation

14:23 | 27/08/2017 Economy

Vietnamese Minister of Finance Dinh Tien Dung has stressed that there remains more scope for Vietnam - Japan cooperation in the financial market and there is huge potential for Japanese investors to operate in Vietnam.

more scope remains for vietnam japan financial cooperation
Minister of Fiance Dinh Tien Dung (C) speaks at the conference

Minister Dung made the statement while attending a conference, which opened in Tokyo, Japan, on August 21, to promote financial investment in Vietnam.

The four-day event, co-hosted by the Vietnam Ministry of Finance and Daiwa Corporation of Japan, attracted approximately 200 Japanese firms.

The financial minister highly appreciated the presence and operations of the Japanese financial groups and investors in Vietnam, emphasising that the Vietnamese Government has followed a consistent policy on fostering international economic integration.

He informed the participants that the Vietnamese government has identified developing human resources, improving market economy institutions and enhancing infrastructure as the three priority areas in a bid to attract a stronger wave of foreign investment.

He expressed his hope that the major Japanese financial corporations would increase their investment flow to Vietnam, in turn becoming strategic investors and bringing capital and technologies to the country.

Over the past 45 years, since the two countries first established diplomatic ties, Vietnam-Japan relations have developed robustly. Japan has established itself as a leading economic partner of Vietnam, while Vietnam is also regarded as significant partner of Japan in the Southeast Asian region.

Japan is currently the largest ODA provider for Vietnam, accounting for 30% of the total registered ODA from the international community. The country also ranks second, with a total investment of $46.47 billion, of the 122 countries and territories that have foreign direct investment in Vietnam at present.

With two-way trade of US$ 30 billion, Japan is the fourth largest trade partner, among more than 200 countries and territories, with which Vietnam has trade relations.

Meanwhile, Vietnam’s economy has recorded an average annual growth rate of 6% over the past three decades and the country’s gross domestic product (GDP) reached an estimated 5.73% in the first half of 2017.

As Vietnam's population is predicted to reach 100 million, with 65% aged 35 or under, the country promises to provide young and high-quality human resources. Vietnam also has the advantage of stable politics, economics and society, while the business environment has been continuously improved towards becoming more transparent, favourable and safe.

Theo NDO