Trade minister calls for high-tech investments from Japan

TOKYO — Minister of Industry and Trade Nguyễn Hồng Diên on Thursday chaired the Việt Nam–Japan Business Forum 2024 in Tokyo, as part of his official visit to Japan.

Organised by the ministry, the Vietnamese Embassy in Japan and the ASEAN–Japan Centre, the event provided an opportunity for businesses, leaders and experts from both countries to discuss and explore new cooperation opportunities.

Speaking at the foum, Minister Nguyễn Hồng Diên expressed his gratitude and appreciation towards the diplomatic relations between Việt Nam and Japan, a relationship which was established more than 50 years ago and has been beneficial for both. The two countries established a strategic partnership in 2009, upgraded it to a Comprehensive Strategic Partnership for Peace and Prosperity in Asia in 2014, and further elevated it to a Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World in 2023.

Japan is currently Việt Nam’s fourth-largest trading partner, with bilateral trade expected to reach over US$46 billion this year, accounting for 6 per cent of Việt Nam’s total import-export turnover. Japan is Việt Nam’s fourth-largest export market and third-largest import source.

“Việt Nam is very pleased to witness the strong development of Japan and warmly congratulates Japan for having strengthened its position and influence, regionally and globally,” said Minister Diên, who will be in the country until Sunday.

Japan is recognised as one of the most stable and developed economies in the world, and as a centre of innovation, with a high level of scientific and technological expertise, he added. The country is also known for its achievements in the development of renewable energy, new energy, including nuclear energy, with clean energy solutions and green technologies.

For its part, Việt Nam is considered one of the most dynamic economies in the region and the world, with a GDP of approximately $500 billion, ranking third in ASEAN and 32nd globally, Diên said.

In terms of foreign trade, Việt Nam is one of the top 20 economies in international trade, with a total import-export turnover nearing $800 billion. The country is also signed up as a full member of 18 free trade agreements, with most of the major economic partners around the world.

“The achievements of both economies are commendable and a source of pride,” the trade minister said.

However, he pointed out that both countries would continue to face fast-moving, complex, unpredictable global challenges that require more cooperation, particularly in trade, industry and energy.

“For Việt Nam, in the process of international economic integration, we aim not only to increase export turnover but also to focus on building a material production base and a green, clean and sustainable industrial sector,” Diên said.

With the support of several partners, Việt Nam is accelerating efforts to develop renewable energy sources, green energy, and apply advanced technologies in industrial and energy production, he added. The country is also restarting a nuclear power development programme and the nuclear power project in Ninh Thuận to ensure national energy security, aiming towards a the net zero goal.

Diên expressed his hopes that Japanese businesses will consider and, hopefully rapidly, launch new investment projects in Việt Nam, particularly in high-tech sectors where the needs are high and favourable investment policies are on offer, such as in the semiconductor arena, manufacturing, electronics, chemicals, new materials and new energy.

The Vietnamese Government and its ministries are ready to cooperate with Japan’s agencies to provide legal support and serve as an effective bridge for the business communities of both countries to carry out future cooperation activities, the minister added.

“Việt Nam is committed to always sharing, accompanying and creating the most favourable conditions in accordance with the law, reflecting the strong friendly partnership between the two countries, to help Japanese businesses invest, produce, and operate effectively and sustainably in Việt Nam,” he said. “The success of Japanese businesses in Việt Nam is the success of Việt Nam itself.”

In return, Việt Nam also hopes that Japanese authorities will support Vietnamese businesses in finding new opportunities to invest in and put into operation in Japan. — VNS

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