Hanoi seeks to strengthen economic ties with Japan

Hanoi City is actively seeking to attract more Japanese investment and promote trade cooperation, as highlighted by the city People's Committee Chairman Tran Sy Thanh at the recent "Hanoi-Japan Investment and Trade Promotion Conference 2024" in Tokyo.

Mr. Thanh emphasized Hanoi's commitment to improving its investment environment, infrastructure, and administrative procedures to make the city an attractive destination for international investors, particularly from Japan.

Hanoi's Hoa Lac High-Tech Park, a key project in Vietnam-Japan cooperation, has already attracted significant investment from Japanese companies like Nissan and Nidec.

In the first nine months of 2024, Hanoi attracted approximately $332.12 million in FDI from Japan. Cumulatively, Japan has invested in 1,706 projects in Hanoi, with a total investment capital of $14.05 billion.

According to data from the Ministry of Planning and Investment, cumulatively, as of the end of September, Japan has implemented 5,431 projects with a total investment capital of $76.86 billion, ranking third among countries and territories with strong investment activities in Vietnam.

Japan's main investment areas include real estate, manufacturing, education and training, wholesale and retail, and automobile and motorcycle repair.

Besides investment cooperation, trade relations between Hanoi and Japan are also flourishing based on the implementation of free trade agreements between Vietnam and Japan, such as the Vietnam-Japan Economic Partnership Agreement (VJEPA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

To date, Hanoi's trade turnover with Japan accounts for approximately 10% of Hanoi's total import and export turnover.