Vietnam, Japan bolster trade links

President Truong Tan Sang delivers a speech at the forum

Vietnamese head of state President Truong Tan Sang suggested Japanese enterprises intensify long-term business and investment in Vietnam to help the country join the global value chain at a higher level.

(VOV) – Leading business representatives from both chambers of commerce and industry attended the Vietnam-Japan business forum on March 17 with the hope of deepening future economic ties between the two countries.

President Sang described the participation and commitment of Vietnamese and Japanese entrepreneurs at the biggest forum yet a testimony to the attention and support from the two countries’ business communities for Vietnam-Japan economic cooperation and bilateral ties.

Over the past 40 years and in particular since both nations established a strategic partnership in 2009, their economic ties have seen vigorous growth in various fields including politics, economic, culture, tourism, labour, education-training and science-technology.

The strengthened partnership and stronger mutual trust have helped bring cooperation between agencies, sectors, localities, businesses and associations closer, Sang said

In economics, Japan has secured its position as the top economic partner, biggest ODA provider, No 1 foreign investor and fourth biggest trade partner of Vietnam.

Two-way trade experienced a five-fold increase within 10 years, from US$5 billion in 2002 to nearly US$25 billion in 2012.

Many leading Japanese groups have been doing long-term business effectively and stably in Vietnam, contributing to the country’s socio-economic development, industrialisation and modernisation.

The State leader said Vietnam is sparing no efforts to cope with challenges from the global economic stabilities, particularly economic recession. However, the country boasts huge potential for promoting sustainable growth in the Doi Moi (Renewal) process.

Vietnam is going ahead with economic restructuring in combination with renewing growth models based on strategic breakthroughs- fine-tuning market economy institutions, modernising infrastructure facilities, developing high-quality human resources and boosting national industrialisation and modernizsation.

In addition, Vietnam is in the process of broader international integration. With the establishment of an ASEAN economic community by 2015, the country will serve as an important gateway of the Mekong sub-region and become a nucleus of this potential economic centre.

Vietnam’s ongoing free trade agreement (FTA) negotiations with world leading economies will benefit the country’s long-term equal, constructive and mutually beneficiary partnership with other countries.

Vietnam attaches high importance to the Trans-Pacific Partnership (TPP) negotiation process with Japan aiming to create an economic connectivity in the Asia Pacific region.

With the prospect for finalication of 14 FTAs in the 2015-2020 period, Vietnam will become a vital link of the large economic connectivity network with 55 partners including 15 from G-20 members. This will pay the way for Vietnam to enhance regional connectivity, international economic integration and become deeply involved in the global value chain.

President Sang called on Japanese businesses to expand long-term investment in Vietnam in key areas such as, high technology, energy, shipbuilding, automobile and auto spare parts production, support industry, information & technology, electronics, agriculture, human resources training, environmental protection, public-private partnership (PPP).

With the resolve expedite comprehensive international integration, more effective measures will be taken to perfect market economy mechanisms, legal regulations and policies and improve competitiveness with a view to building a stable, favourable and transparent investment environment.

This will offer the best possible conditions for Japanese investors to run long-term and effective business in Vietnam for mutual benefit and in the interests of a united and prosperous Asia, he concluded.

President Truong Tan Sang witnesses the two chambers of commerce and industry  sign a cooperation MoU.

President Truong Tan Sang witnesses the two chambers of commerce and industry sign a cooperation MoU.

At the forum, President Sang also witnessed the signing of a Memorandum of Understanding (MoU) on cooperation between the Japan Chamber of Commerce and Industry (JCCI) and the VCCI.