Prime Minister: 'We are ready to warmly welcome Japanese businesses, for a win-win situation.'

On the afternoon of December 15th, local time, Prime Minister Pham Minh Chinh attended a roundtable discussion with the governor and leading businesses of Gunma province (Japan).

Sharing with the Prime Minister , Hiromasa Tsuchiya, CEO of Cainz Group, one of Japan's largest furniture companies, said that the company has nearly 300 stores in Japan and a revenue of 3.5 billion yen.

Prime Minister Pham Minh Chinh meets with Japanese businesses in Gunma province.

NORTH JAPAN

The company is targeting investment in the Chinese market and establishing a branch in Shanghai (China), with Vietnam (Ho Chi Minh City) as the source of its products. Mr. Hiromasa Tsuchiya stated that Cainz hopes to increase investment and target the Vietnamese market. According to Mr. Morio Sase, Director of Hotland Co. Ltd (a company specializing in Takoyaki octopus balls, which has invested in many stores in Southeast Asia but does not yet have a branch in Vietnam), there are currently 150 Vietnamese people working at Hotland. The company often organizes social gatherings; employees enjoy climbing Mount Fuji to see cherry blossoms, drinking beer, and karaoke – they have a great time. Also present at the seminar were leaders from Yamada Holdings – one of the largest electrical appliance companies in Japan, with a subsidiary in Vietnam; and Gunma Bank, which has a branch in Ho Chi Minh City. Subaru, one of the major car manufacturers exporting to the US market, has 10 suppliers in Vietnam; Taiyo Yuden Co. Ltd, a capacitor manufacturer, holds the third largest market share globally . Welcoming businesses from Gunma province in various sectors such as manufacturing, food services, entertainment, and automotive, to invest in Vietnam, Prime Minister Pham Minh Chinh affirmed that Vietnamese ministries, agencies, and localities will provide active support.

Prime Minister Pham Minh Chinh affirmed his readiness to welcome Japanese businesses.

NORTH JAPAN

Responding to a proposal from a karaoke business in Gunma, the Prime Minister stated that investment in Vietnam would strengthen exchanges, development, and mutual complementarity. Vietnam once experienced a boom in the karaoke sector. After tiring days of work and study, Vietnamese people often gather to socialize and relieve stress. Karaoke services in Vietnam are largely imported from Southeast Asian countries, and there is currently no Japanese presence in this field. Noting the renowned Japanese automotive and home appliance industries, the Prime Minister expressed his desire for Japanese products to benefit from technology transfer, labor, and raw materials in Vietnam. According to the head of government, after 50 years, the relationship between the two countries has been upgraded to a comprehensive strategic partnership, with a very good political and diplomatic environment, and increasing solidarity and close ties. Gunma is a land of outstanding people and rich history, with a unique mountainous terrain and proximity to Tokyo (Japan). During its development, the province has achieved many important results in digital transformation and green transformation, with "no workers seen in the factories, indicating a very high level of automation." The Prime Minister expressed his admiration for Gunma province's businesses, noting their unique approach to development and their potential to complement Vietnam, including activities and services in the entertainment sector. "We are ready to welcome you with confidence and warmth, for a win-win situation, based on the principle of harmonious benefits and shared risks," the Prime Minister stated.

Prime Minister Pham Minh Chinh shared this at a meeting with businesses on the afternoon of December 15th.

NORTH JAPAN

On the Vietnamese side, in the first 11 months of this year, Vietnam attracted nearly $30 billion in FDI, a 15% increase compared to 2022; $20 billion was disbursed, focusing heavily on processing, manufacturing, and green transformation.

Calling on Japanese businesses to invest in high-speed rail.

Sharing how Vietnam supports businesses, the Prime Minister said Vietnam is pursuing three strategic breakthroughs. These include institutional breakthroughs to move towards a market-oriented, competitive economy and reduce administrative interference; infrastructure breakthroughs, as logistics costs currently account for about 17% of GDP and are high, requiring a focus on transportation infrastructure to reduce costs, lower input prices, and increase product competitiveness; and finally, breakthroughs in high-quality human resources. According to the Prime Minister, when working with foreign investors, most are interested in Vietnam's infrastructure and human resources. "These are two areas of limitation that we need to focus on to make it easier for businesses to invest," the Prime Minister stated. Regarding the banking sector, many large Japanese banks have invested in Vietnam, with some investing over $1 billion. Vietnam has also requested that when investing, they participate in restructuring weak banks. The Prime Minister said he once temporarily suspended a business trip to work with a Japanese bank, and the deal was successful.

Gunma Prefecture Governor Ichita Yamamoto introduced the unique aspects of the exchange between Gunma and Vietnam.

NORTH JAPAN

“Japanese businesses are characterized by thorough research, but they implement projects very quickly. We hope you will invest here, bringing benefits to businesses as well as strengthening friendly cooperative relations between the two countries. I have been fortunate to meet many generations of Japanese Prime Ministers, and I hope to promote cooperative relations between the two countries to become more concrete,” the Prime Minister emphasized. For example, in the field of high-speed rail, Japan has experience, and Vietnam's terrain is similar to Japan's; Vietnam wishes to conduct research and cooperation. The Prime Minister also requested the Governor of Gunma Prefecture to lead more business delegations to Vietnam, bringing 30 businesses in 2023 and then 45-50 businesses next year.

Thanhnien.vn