Recently, at the Headquarters of the Vietnam Chamber of Commerce and Industry (VCCI), Dr Vu Tien Loc, VCCI President had a working session with Mr Yoshiwara Tsuyoshi, President of Johnan Shinkin Bank, a leading credit bank of Japan.
At the working session, Dr Vu Tien Loc shared that the VCCI is looking for strategic partners such as businesses and banks of Japan to invest in Vietnam, specifically in supporting industry. According to Mr Loc, this is the right time to invest in Vietnam.
Mr Yoshiwara Tsuyoshi shared that most Japanese companies consider Vietnam an attractive destination and there are still many Japanese businesses wanting to come to Vietnam to seek investment and cooperation opportunities. Mr Yoshiwara Tsuyoshi hopes that Vietnam will offer incentives for Japanese small and medium businesses when investing in Vietnam.
Mr Yoshiwara Tsuyoshi also said that in the upcoming time, his bank will cooperate with the VCCI to organise seminars and business meetings to connect businesses of the two countries through delegations from Japan to Vietnam and vice versa. At the same time, the bank will also create favourable conditions for businesses wishing to borrow capital to invest in Vietnam.
According to statistics, currently, Japan is the largest investor in Vietnam both in terms of registered capital and disbursed capital. As of the end of December 2013, Japan had 2,166 valid FDI projects with total registered investment capital of over US$34 billion, ranking first among more than 100 countries and territories investing in Vietnam.
Japan is the fourth largest trade partner of Vietnam in 2013. The two-way trade turnover reached more than US$25 billion.
For over the past twenty years, Japan has been the country providing the most official development assistance for Vietnam. Japan’s ODA accounts for 30 percent of the total, with about US$24 billion.
According to analysis from experts, Vietnamese enterprises do not have to face with competition from Japanese firms in the international market thanks to the fact that the export – import structures of the two countries complement each other. Therefore, in terms of development cooperation and economic relations with Japan, Vietnam benefits in the long term. Vietnam – Japan trade in 2013 increased quite slightly compared with that between Vietnam and China or South Korea; however, Japan remains an important trading partner in Asia that Vietnam has a trade surplus with nearly US$2 billion in 2013.
Thanks to the efforts from both sides, Japanese investment in Vietnam will not only stop at current levels and trade of the two countries will strive to soon reach US$50 billion by 2020.
In the recent official visit to Japan of President Truong Tan Sang, Vietnam and Japan issued a joint statement on upgrading Vietnam – Japan strategic partnership to a new level of broad strategic partnership for peace and prosperity in Asia.
Quynh Anh
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