Vietnam-Japan Joint Initiative plays role in raising Vietnam’s FDI attractiveness: meeting

At the pre-final evaluation meeting for the VJJI Phase VIII (Photo: VNA)

Hanoi (VNA) – The Vietnam-Japan JointInitiative (VJJI) has significantly contributed to improving the domesticbusiness environment and raising Vietnam’s competitiveness in foreign directinvestment (FDI) attraction, an official from the Vietnamese Ministry ofPlanning and Investment (MPI) has said.

Do Nhat Hoang, Director of the MPI’s ForeignInvestment Agency (FIA), said at a pre-final evaluation meeting for the VJJIPhase VIII on March 2 that Vietnamese ministries and agencies have coordinatedwith the Japanese side in implementing commitments in the action plan.

They stand ready to work together with the JapanChamber of Commerce and Industry (JCCI), the Japanese Embassy in Vietnam andrelevant agencies to successfully materialise the joint initiative, laying groundfor discussions on cooperation in the time ahead, he stressed.

The VJJI was launched in April 2003 as a specialcooperation mechanism between the Vietnamese and Japanese Governments.

It serves as a policy dialogue forum betweenJapanese investors and relevant Vietnamese ministries and agencies, whereproposals are made to help competent Vietnamese agencies fine-tune laws andpolicies.

The eighth phase of the initiatives focuses on 11groups of issues. Because the global economy was seriously affected bythe COVID-19 pandemic, especially disruptions in supply chains, Vietnam andJapan agreed to add three new groups of issues.

Over the past 20 years, many legal documents havebeen amended and issued, and various policy recommendations of the Japaneseside put into consideration by Vietnamese ministries and agencies toreport them to competent authorities during law and policy perfection and enforcement.

Japan has set forth a report proposing policies inan effort to promote investments by small- and medium-sized enterprises, the keyplayers in Vietnam’s support industries.

Vietnam has been among the top 20 countriesworldwide in terms of FDI attraction, which sees the remarkable contributionsby Japanese firms through the initiative.

Japan has run nearly 5,000 projects in the SoutheastAsian nation with a total registered capital of about 70 billion USD.

According to the latest survey by the Japan ExternalTrade Organisation (JETRO), up to 60% of Japanese enterprises plans to expandtheir business in Vietnam./.

VNA