Now is Best Time for Japanese Investment Boost in Vietnam
Now is a ripe timing for Japanese enterprises to boost investments in Vietnam, which is deepening its global integration and has a long relationship with the East Asian country, said Vietnamese Deputy Minister of Planning and Investment Nguyen Van Trung.
Mr. Trung made the statement at the signing ceremony of an agreement between his ministry and Japan’s Gunma Prefecture.
The accord is designed to facilitate economic exchange and investment of Japanese businesses in Vietnam.
Mr. Trung noted that Japan has been the largest donor for Vietnam over the past 20 years, providing more than $25 billion in official development assistance (ODA). The former is also Vietnam’s third-biggest trade partner, with bilateral trade reaching $30 billion in 2015.
As a leading investor in Vietnam, Japan has nearly 3,000 operating projects worth more than $38 billion in the Southeast Asian country. Top Japanese businesses such as Canon, Toyota, Honda and Sumitomo are now present here.
The two countries have signed the landmark Trans-Pacific Partnership (TPP) and are negotiation on the Regional Comprehensive Economic Partnership (RCEP).
Vietnam’s investment climate has become investor-friendlier as the country is taking institutional reforms under free trade agreements (FTAs) to which it is a party, the deputy minister said.
At a meeting with Osawa Masaaki, governor of Gunma Prefecture, Deputy Chairperson of the National Assembly Nguyen Thi Kim Nga expected the governor’s visit would strengthen ties between Gunma Prefecture and Vietnamese localities.
