Vietnam - Japan joint initiative in new era launched

The first phase of the Vietnam - Japan joint initiative in the new era was launched at a meeting held in Hanoi on March 27.
At the event
At the event

Speaking at the event, Vietnamese Minister of Planning and Investment Nguyen Chi Dung said the Vietnam - Japan joint initiative, which began in April 2003, is a special cooperation between the two governments. Via the establishment of a policy dialogue forum between Japanese investors and related Vietnamese ministries and sectors, it has contributed to building a transparent and conductive business climate in the Southeast Asian nation and offered policy recommendations as a reference serving the law and policy refinement processes by local agencies.

Japanese Ambassador to Vietnam Yamada Takio said after two decades, the initiative completed eight phases, with 84% of the workload finished on time, giving a boost to foreign capital inflows in Vietnam, particularly from Japan. The Vietnam - Japan joint initiative in the new era consists of five major groups of issues. They involve the promotion of the Asia Zero Emission Community (AZEC), green transition, innovation, and digital transformation, the strengthening of the supply chain, the training of high-quality IT, AI, and semiconductor human resources, and the reform of mechanisms to improve the business climate.

Participating Vietnamese and Japanese delegates agreed that the first phase would last 19 months, with a mid-term review meeting slated for December this year and a summit to assess the entire process in October 2025. The sides pledged cooperative efforts and active implementation of commitments in the action plan to meet the set goals for the mutual prosperity of the Vietnamese and Japanese business communities and enhance the two countries’ relations.

As of February 20, Japanese investors had channeled 74.3 billion USD into 5,288 projects in Vietnam. In the first two months of 2024, their registered investment amounted to 422.4 million USD, soaring by 290% year-on-year.