On March 27, the Ministry of Planning and Investment, in coordination with the Embassy of Japan in Vietnam and the Vietnam-Japan Economic Committee under the Federation of Japanese Economic Organizations, held a meeting to launch the Vietnam-Japan Joint Initiative in the New Era, Phase 1.
Attending the meeting, the Vietnamese side had representatives from the following Ministries: Foreign Affairs , Industry and Trade, Information and Communications, Natural Resources and Environment, Labor - Invalids and Social Affairs, Education and Training, Justice, Supreme People's Court. The Japanese side had representatives from the Embassy of Japan in Vietnam, the Vietnam - Japan Economic Committee (KEIDANREN), the Japan International Cooperation Agency (JICA), the Japan External Trade Organization (JETRO), the Japan Business Association in Vietnam (JCCI), the Japan Bank for International Cooperation (JBIC), etc.
The Vietnam-Japan Joint Initiative was initiated in April 2003, a special cooperation between the two governments of Vietnam and Japan. By establishing a policy dialogue forum between relevant ministries and sectors of Vietnam and Japanese investors, 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 major 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.
This year, the two sides chose strategic contents, linked to 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: Promoting the Asian Zero Emission Community, Green Transformation (AZEC/GX); Promoting Innovation, Digital Transformation (DX); Strengthening the supply chain, including developing supporting industries; Training high-quality human resources (in the fields of IT, AI, semiconductors); Reforming mechanisms to improve the investment environment.
The two sides also agreed on the implementation period of phase 1, the Vietnam-Japan Joint Initiative in the new era, which 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 to evaluate the results of the implementation of the new phase 1 (around October 2025).
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, in order to achieve the specific goals set out, towards the common prosperity of both the Japanese and Vietnamese business communities, contributing to deepening the good relations between Vietnam and Japan./.
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