Launching the Vietnam-Japan Joint Initiative in the New Era

The Ministry of Planning and Investment, in coordination with the Embassy of Japan in Vietnam and relevant agencies, launched the Vietnam-Japan Joint Initiative in the New Era.

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On March 27, 2024, based on the Joint Statement on upgrading Vietnam - Japan relations to "Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World" and the results of implementing 8 phases of the Vietnam - Japan Joint Initiative over the past 20 years, the Ministry of Planning and Investment coordinated with the Embassy of Japan in Vietnam, the Vietnam - Japan Economic Committee under the Japan Federation of Economic Organizations (Keidanren) to hold a meeting to launch the Vietnam - Japan Joint Initiative in the New Era, Phase 1.

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The Vietnam - Japan Joint Initiative was initiated in April 2003, a special cooperation between the two governments of Vietnam and Japan.

The Vietnam-Japan Joint Initiative was initiated in April 2003 as a special cooperation between the Governments of Vietnam and Japan. By establishing a policy dialogue forum between Japanese investors and relevant ministries and sectors of Vietnam, the Vietnam-Japan Joint Initiative contributes to creating an open and transparent investment and business environment in Vietnam, while providing constructive policy recommendations as reference information in the process of perfecting laws and policies for Vietnamese authorities.

Over the past 20 years, the Vietnam - Japan Joint Initiative has completed 8 phases, with a total of 497/594 items completed well and on schedule, accounting for 84% of the total items in the Action Plan implemented by both sides, making an important contribution to promoting foreign direct investment (FDI) from Japan to Vietnam in particular and from countries around the world in general.

According to the Ministry of Planning and Investment, phase 1 of the Vietnam - Japan Joint Initiative in the new era includes key groups of issues such as: Promoting the Asian Zero Net Emission Community, green transformation (AZEC/GX); promoting innovation, digital transformation; strengthening the supply chain, including: Developing supporting industries, training high-quality human resources; reforming mechanisms to improve the investment environment.

The two sides also agreed that the implementation period of the first phase of the Vietnam-Japan Joint Initiative in the new era is expected to be 19 months (from March 2024 to October 2025). Of which, there is expected to be a mid-term review meeting in December 2024 and a high-level meeting to evaluate the results of the implementation of the new first phase in October 2025.

According to the Ministry of Planning and Investment: As of February 20, 2024, Japanese investors have invested in 5,288 projects with a total registered investment capital of 74.3 billion USD, playing a huge role in Vietnam's socio-economic development.

In the first two months of 2024 alone, Japan's total registered capital reached 422.4 million USD, up 290% over the same period. This is a very positive signal showing that Japanese investors still consider Vietnam an attractive and safe investment destination.

Linh Dan