Vietnam, Japan strengthen economic and trade cooperation

09:45 | 22/09/2017 Cooperation

A workshop on promoting the Vietnam and Japan economic and trade cooperation was held in Tokyo, Japan, on September 20, gathering representatives from nearly 120 Vietnamese and Japanese enterprises.

The event gathered representatives from nearly 120 Vietnamese and Japanese businesses - Credit: VOV

The event was co-organised by the host’s ASEAN-Japan Centre and the Vietnamese Ministry of Industry and Trade (MOIT).

At the seminar, Masataka Fujita, General Secretary of the ASEAN-Japan Centre, highly appreciated the fruitful cooperation between the two countries' business communities. Fujita also proposed ways in which to enhance the export activities between Vietnam and Japan, which are promoting trading activities through the parent companies and subsidiaries involved in both export and import activities.

He also suggested that it is possible that the two sides’ companies may not be able to establish a relationship on capital with each other, but the Vietnamese side should subcontract with the Japanese companies to keeps exports steady and enjoy a promoted trade turnover.

Regarding Vietnam's policies on attracting investment and opening up its market, Bui Thi Thanh An, Deputy Head of the Vietnam Trade Promotion Agency under the MOIT, said that in the first six months of 2017, Japan was the largest foreign investor in Vietnam, with US$5.08 billion, accounting for 26.45% of the total investment in the country.

During that period, Japan deployed 186 newly-approved projects, worth nearly US$4. 6 billion, bringing the total registered capital to over US$5.08 billion.

Currently, Vietnam is attracting Japanese investors in hi-tech agricultural projects in Can Tho, Binh Thuan, Tien Giang, Thai Nguyen, Soc Trang, Son La and Ninh Binh provinces, as well as a range of projects producing high quality organic rice, vegetables, fruits and tea, in addition to raw material area development for rattan and bamboo.

The event offered companies from the two countries the opportunity to exchange and promote investment in the fields of common interests.

On the occasion, a number of economic contracts and cooperation documents between Vietnamese and Japanese enterprises were signed, including a contract between Vietnam’s Hung Yen Plastic JSC and Japan’s Nichietsu in the field of plastics.