PM witnesses signing of multi-billion dollar deals between Viet Nam, Japan

Prime Minister Pham Minh Chinh on November 25 attended the Viet Nam-Japan investment promotion conference during which 44 cooperative agreements worth billions of U.S. dollars were signed between the two sides’ agencies and businesses.

The event, co-organized by the Vietnamese Ministry of Planning and Investment and the Japan External Trade Organization (JETRO), was resumed after two-year suspension due to COVID-19 outbreaks.

Major inked deals include an investment cooperation agreement for Lang Son power station worth US$1.75 billion, a US$500 million-project for processing and distribution of beef in the northern province of Vinh Phuc, and a US$250 million-cooperation agreement on the development of Dinh Vu economic zone in the northern city of Hai Phong.

Addressing the conference, PM Pham said the extensive strategic partnership has entered a new stage of cooperation and development following his high-level talks held with Japanese Prime Minister Fumio Kishida and the release of a joint statement on bilateral cooperation on November 24.

“This is a good chance to promote investment and create a better business environment,” said Pham, adding that despite global complication and strategic competition, bilateral relations “have never been as good as they are now.”

He went on to affirm that Viet Nam remains an attractive investment destinations for foreign businesses thanks to its political stability coupled with an abundant skilled workforce.

“We will guarantee political stability for your long-term investment,” he assured a host of leading businesses in attendance at the forum.

According to the Vietnamese PM, the world is in the midst of confronting numerous challenges, including the COVID-19 pandemic, climate change, resource depletion, environmental pollution, and an aging population that needs to be addressed.

“These issues are of global nature therefore global approaches are needed to overcome challenges and develop together,” he said.

At the conference, representatives from Japan’s businesses affirmed that investors’ trust has increased thanks to Viet Nam’s efforts in improving business environment.

Japanese Minister of Economy, Trade and Industry Koichi Hagiuda pledged to boost economic and trade ties between the two nations in a more sustainable manner, adding that Japan will do its utmost to support the country in launching the US$10 billion-Asia Energy Transition Initiative (AETI) which is sponsored by Japan.

Earlier, during the meeting between PM Pham and Koichi Hagiuda, the Japanese Minister suggested both sides continue effective realization of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

As the Viet Nam National Green Growth Strategy was issued, Pham urged Japan to continue supporting Viet Nam in completing institution, improving quality of human resource in line with innovation, green financial resources and green technology, national management competence, expanding export market, creating more jobs and increasing incomes for people.

He proposed the Japanese Ministry of Economy, Trade and Industry and the Vietnamese Ministry of Industry and Trade adjust cooperative activities in accordance with the new trend and the spirit of Viet Nam-Japan Joint Statement.