The visit takes place in the context that the two countries are celebrating the 50th anniversary of the bilateral diplomatic ties (September 21, 1973-2023) with many significant activities being held.
Two-way trade has been steadily increasing over the years, reaching 40 billion USD in 2020, 42.7 billion USD in 2021, 47.6 billion in 2022 and 24.9 billion USD in the first seven months of this year.
In terms of investment, Japan is the third largest foreign direct investor in Vietnam, following the Republic of Korea and Singapore, with 5,143 active FDI projects worth over 71.2 billion USD as of July 2023.
Japan is also the biggest supplier of official development assistance (ODA) to Vietnam, accounting for around 30% of the total funding from foreign donors to the country. Japan's ODA to Vietnam has amounted to 29.3 billion USD, 1.8 billion USD of which was non-refundable aid.
Apart from economic and trade cooperation, the two countries have also worked effectively together in various areas, including culture, education and training, health care, tourism, locality-to-locality cooperation and labour.
Among the top 10 foreign arrivals in Vietnam in the first five months of this year, Japan was one of the four high-growth Northeast Asian markets, alongside the RoK with over 1.3 million visitors, China 399,000, and Taiwan (China) 252,000 visitors.
The upcoming Vietnam visit by the Japanese official is also expected to contribute to further consolidating and deepening bilateral extensive strategic partnership.
