Vietnam Pledges Stability, Reforms to Deepen Japan Ties

In a meeting with top Japanese business leaders, Vietnam's Prime Minister Pham Minh Chinh has pledged unwavering dedication to comprehensive economic reforms, highlighting the Southeast Asian nation's openness to foreign capital.

The assurances came as representatives of Japan's business elite, led by the powerful Keidanren federation, descended on Hanoi to explore deeper economic bonds.

PM promises stable policies, administration overhaul

Receiving the Japanese delegation on March 28th, Prime Minister Pham Minh Chinh emphasized that Vietnam will consistently implement wide-ranging economic guidelines "in a stable, long-term, effective and sustainable way."

Mr. Chinh revealed plans for a prime minister-led taskforce to streamline red tape, part of efforts to foster a fair and transparent business climate.

Titans court Vietnam's market, resources

The high-level meeting aimed to advance the newly minted Vietnam-Japan Comprehensive Strategic Partnership. Among the attendees were bigwigs from trading house Sojitz, aerospace firm IHI, and finance giants like JBIC.

With over 5,300 Japanese projects worth $74 billion already in Vietnam, the East Asian giants appear keen to solidify their position in one of the world's fastest-growing markets.

Masayoshi Fujimoto, co-chair of Keidanren's Japan-Vietnam economic committee, hailed the nations' deepening ties as relations reach "new heights."

The organization, representing over 1,400 firms, considers Vietnam as one of the most important partners and a recent JBIC survey ranked Vietnam second among destinations Japanese businesses wish to invest long-term.

Vietnam's Investment Appeal

With Japan as its top ODA provider, a major trade partner, and a significant investor, Vietnam holds the East Asian country in high regard. The Prime Minister noted that KEIDAREN has been instrumental in fostering this robust relationship between the two nations.

"We consistently implement comprehensive guidelines and policies that ensure stability and long-term effectiveness," he said, highlighting the country's commitment to a clear and predictable business environment.

Japan's Priorities in Vietnam

Japanese business leaders expressed optimism about the Vietnam-Japan Comprehensive Strategic Partnership and a desire to expand their operations in the country. They see key areas for potential collaboration, including Vietnam's ongoing energy transition with a focus on projects supporting the global shift towards net-zero emissions.

Additionally, the leaders are eager to partner in bolstering Vietnam's competitiveness through digital transformation and supply chain optimization.

Japanese businesses also expressed interest in supporting training initiatives to ensure Vietnam has the skilled workforce necessary to drive growth in these sectors.

As for Vietnam, the Prime Minister invited KEIDANREN and Japanese businesses to partner with Vietnam in critical infrastructure development, high-quality agriculture, technology, and green initiatives.

He also called for Japanese expertise and investment in the semiconductor industry and emphasized the ongoing exchange of workers and cultural programs that strengthen ties between the nations.