On March 27, 2024, the Ministry of Planning and Investment, in coordination with the Embassy of Japan in Vietnam and the Vietnam-Japan Economic Committee under the Japan Federation of Economic Organizations (Keidanren), held a meeting to launch the Vietnam-Japan Joint Initiative in the New Era, Phase 1.
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The Vietnam - Japan Joint Initiative in the New Era, Phase 1, is built on the basis of 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 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.
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, an increase of 290% over the same period. This is a very positive signal showing that Japanese investors still consider Vietnam an attractive and safe investment destination.
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This time, the two sides chose strategic contents, linked to the major issues being raised. At the same time, it is required to have specific outputs for practical application. Accordingly, phase 1 of the Vietnam - Japan Joint Initiative in the New Era includes 5 main groups of issues: (1) Promoting the Asian Zero Emission Community, Green Transformation (AZEC/GX); (2) Promoting Innovation, Digital Transformation (DX); (3) Strengthening the supply chain, including developing supporting industries; (4) Training high-quality human resources (in the fields of IT, AI, semiconductors); (5) 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 (around December 2024) and a high-level meeting around October 2025 to evaluate the results of the implementation of the first phase.
In the coming time, the two sides will continue to cooperate and actively implement the commitments in the Action Plan to bring success to the Vietnam - Japan Joint Initiative in the new era, phase 1, aiming to achieve the specific goals set out, towards the common prosperity of both the Japanese and Vietnamese business communities, contributing to deepening the good relationship between Vietnam and Japan.Source link
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