The event was co-hosted by the Vietnam Chamber of Commerce and Industry (VCCI) and the Japan-Mekong Economic Cooperation Committee under the Japan Chamber of Commerce and Industry (JCCI), on the occasion of the Vietnam visit of a delegation of 50 senior leaders from Japanese companies operating in trade, manufacturing, automobile, banking, construction, food, aviation, household electrical appliances, and consulting areas.
Hoang Quang Phong, VCCI Vice Chairman highly appreciated the economic cooperation between the two countries as trade between Vietnam and Japan has been growing steadily in recent years.
In 2017, Japan was the biggest investor in Vietnam with US$9.11 billion, accounting for 25.4% of total investment capital. The total value of two-way trade reached more than US$33.4 billion last year. Vietnam is also the largest receiver of nonrefundable aid from Japan.
Phong also said that the recently signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade deal involving 11 countries in the Pacific region was also a success thanks to the tireless efforts of both Vietnamese and Japanese sides. It is a good condition to promote cooperation between the two countries, while also helping Vietnam to increase their export value in key sectors, such as textiles, footwear, and seafood.
Japanese businesses are very interested in the Vietnamese market, in particular, issues related to investment policy and franchising mode. (Photo for illustration)
In addition, Japan plays a very important role in diversifying the structure of Vietnam's export goods in the aim of decreasing the export of raw materials and increasing the manufacture of products of a higher value.
Yoichi Kobayashi, Chairman of JCCI’s Japan-Mekong Economic Cooperation Committee said that the dialogue was a great opportunity for the two sides to develop a better and deeper understanding of the situation and the potential for economic, trade, and investment cooperation with each other.
Enterprises will have a great chance to meet and seek partners, he said, adding that Japanese businesses are very interested in the Vietnamese market, in particular, issues related to investment policy and franchising mode.
In the coming time, Vietnam and Japan will have greater potential for cooperation in new fields, including agriculture, tourism, training and development of human resources, transportation, and distribution, especially when Vietnam needs to strengthen and promote the operation of small and medium enterprises more strongly, Phong said.
Delegates at the event discussed the business environment in Vietnam, pros and cons for foreign investors in the existing mechanisms, and policies on credit and land, and potentials for development in tourism and transportation.