The Prime Minister said that in the face of the global economic "storm", Vietnam is still standing firm, with a stable macro-economy, foreign exchange reserves of over 100 billion USD and a trade surplus of 25 billion USD.
Meeting with large enterprises in Tokyo, Japan on the morning of December 16, Prime Minister Pham Minh Chinh said that the world economic and geopolitical situation is complicated and unpredictable, but Vietnam has stood firm with its internal strength and the support and cooperation of global partners.
According to the Prime Minister, Vietnam chooses growth while still controlling inflation and stabilizing the macro-economy. The labor market is balanced, with enough energy for production and business. Major balances such as public debt, government debt and foreign debt are controlled, creating confidence and peace of mind for investors.
In 2022, Vietnam's GDP will be over 400 billion USD, with per capita income of over 4,000 USD.
In the first 11 months of the year, Vietnam attracted 30 billion USD in foreign investment capital and disbursed 20 billion USD. In the context of the difficult world market, Vietnam still had a trade surplus of 25 billion USD, foreign exchange reserves of over 100 billion USD. About 8 million tons of rice were exported, contributing to ensuring global food security.
"Vietnam is a safe haven in the current economic storm in the world, in many different aspects," said the Prime Minister.
Prime Minister Pham Minh Chinh speaks at a seminar with major Japanese enterprises on December 16. Photo: Nhat Bac
He reiterated Vietnam's policy of prioritizing attracting investment projects in new technology fields such as green economy, semiconductor industry, and new energy (such as hydrogen). These are fields in which Japan has experience and strengths and Vietnam has great potential and demand.
"We will continue to improve institutions for digital transformation and green transformation, such as direct electricity trading mechanisms, carbon credits, biomass electricity... to encourage the development of priority sectors," the Prime Minister shared.
Minister of Planning and Investment Nguyen Chi Dung also suggested that corporations such as Honda - Japan's largest automobile and engine manufacturer - build long-term, sustainable production bases in Vietnam. "Japanese enterprises need to increase the localization rate and produce in a green direction, reducing emissions," Mr. Dung suggested.
At the Vietnam - Japan Economic Forum held later , Prime Minister Pham Minh Chinh also asked Japanese investors to provide preferential financial support, technology transfer, human resource training and modern management for Vietnam.
"Vietnam and Japan both supply labor, but Japan needs to support and train high-quality human resources for Vietnam," the Prime Minister suggested.
Prime Minister at the Vietnam - Japan Economic Forum. Photo: Nhat Bac
Along with that, the pillars of institutional breakthroughs, strategic infrastructure development and human resources are sustainable foundations, so that investors can feel secure when investing and doing business in Vietnam.
At the forum, 30 cooperation agreements were signed between ministries, localities and enterprises of Vietnam and Japan. In particular, Thai Binh province granted the investment decision and investment certificate for the LNG power project worth over 1.9 billion USD. This project is invested by Tokyo Gas Group, Kyuden International Company and Truong Thanh Group Joint Stock Company. According to the National Power Development Plan (Power Plan VIII) by 2030, the gas-fired thermal power source must be newly invested in over 30,420 MW, of which 75% is LNG power (22,824 MW).
In addition, Aeon Mall wants to open two more shopping malls in Can Tho and Bac Giang. Aeon Mall - a business specializing in large shopping malls and retail - is operating 6 projects in Vietnam, and is investing in one project in Hue. By 2025, the Japanese retail group plans to deploy 16 more projects in Vietnam, including 3-4 projects in Hanoi.
Prime Minister Pham Minh Chinh is working in Japan and attending the ASEAN-Japan 50th Anniversary Summit as well as conducting bilateral activities, at the invitation of Prime Minister Kishida Fumio, December 15-18.
2023 is the year Vietnam and Japan celebrate the 50th anniversary of establishing diplomatic relations. The two countries upgraded their relationship to Comprehensive Strategic Partnership in November. Japan is Vietnam's leading economic partner, ranking first in providing ODA, second in labor cooperation, third in investment and tourism, and fourth in trade.
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