13:28 | 10/09/2016 Economy
(VEN) - After the first five phases of the Vietnam-Japan Joint Initiative were completed, the governments of Vietnam and Japan recently launched the sixth phase, which is scheduled to run for 17 months from August 2016 to mid-2017.
According to the Ministry of Planning and Investment, the Vietnam-Japan Joint Initiative was launched in April 2003 via establishing a forum on policy dialogue between Japanese investors and Vietnamese ministries and sectors. The initiative aims to build an open and transparent business and investment environment in Vietnam and to give recommendations in terms of policies for reference during the improvement of Vietnamese laws and policies.
So far, five phases of the initiative have been completed, with 441 sub-projects under an action plan. Of these, 367 sub-projects, or 83 percent, were done well and in a timely manner, importantly contributing helping Vietnam refresh the investment and business environment and attract more direct investment from Japan and other countries regionally and globally, said Japanese Ambassador to Vietnam Fukada Hiroshi.
At a meeting of the Vietnam-Japan Joint Initiative Evaluation and Facilitation Committee held at the end of August, the governments of the two countries agreed to launch Phase 6 including seven sub-projects related to labor, wage, logistics and transport, services, small to medium-sized enterprise support, the Investment Law and the Enterprise Law, and pharmaceutical distribution.
Keidanren’s Japan-Vietnam Economic Committee Joint Chairman Takahashi Kyouhei said targets for Phase 6 are deeper, higher and much more challenging than in the previous phases, because the Vietnamese business environment has grown well, now able to meet higher criteria and the global investment trend.
Takahashi Kyouhei also said that Phase 6 would be commensurate with the needs and practice in Vietnam. If Phase 6 is done well, it will not only help the country improve the investment environment and draw more investment flows from Japan and other countries but also give an opportunity for the country to develop the economy and society and increase the quality of growth.
According to Fukada Hiroshi, following provisions for Phase 6, the governments, agencies and businesses of the two countries will discuss many issues related to Japanese investment in Vietnam including shortcomings and measures to further promote Japanese investment in Vietnam in the near future.
Minister of Planning and Investment Nguyen Chi Dung underlined Vietnam’s effort to implement Phase 6 in hopes to early see a new Japanese investment wave in Vietnam, particularly in the industrial sector. The Vietnamese government also expected that Japanese investors will tighten their relations with Vietnamese businesses to help them grow and integrate further into the global economy.
Japanese Ambassador to Vietnam Fukada Hiroshi:
The Vietnam-Japan Joint Initiative has benefited not only Japanese companies in Vietnam but also investors from other countries.