Promoting a new wave of Japanese investment in Vietnam

During his attendance at the expanded G7 Summit and working session in Hiroshima, Japan, on May 21, Prime Minister Pham Minh Chinh held talks with Japanese Prime Minister Kishida Fumio. This was the first high-level Vietnam-Japan meeting held in Hiroshima, Prime Minister Kishida's hometown, and the fifth meeting between Prime Minister Pham Minh Chinh and Prime Minister Kishida in over a year.

awakening new wave of Japanese investment in Vietnam picture 1 — Prime Minister Pham Minh Chinh and Japanese Prime Minister Kishida Fumio

In an atmosphere of friendship, cordiality and trust, the two leaders expressed satisfaction with the strong, comprehensive and substantive development of the bilateral relationship in recent times; agreed on major directions and specific measures to promote the Vietnam-Japan Extensive Strategic Partnership for Peace and Prosperity in Asia to new heights.

The two Prime Ministers agreed to enhance political trust through promoting high-level visits and contacts in 2023 - the 50th anniversary of the establishment of Vietnam-Japan diplomatic relations.

The two sides agreed to promote defense and security cooperation in the fields of overcoming war consequences, human resource training, defense technology transfer, and cyber security; promote exchanges on the content of Japan's support for Vietnam in industrialization, modernization, and building an independent and self-reliant economy; and affirm to strengthen the connection between the two economies through promoting investment and trade cooperation.

awakening new wave of Japanese investment in Vietnam picture 2 — Prime Minister Pham Minh Chinh respectfully conveyed the invitation to visit Vietnam from the leaders of the Vietnamese Party and State to the Emperor and Empress of Japan.

The two leaders highly appreciated the two sides' completion of capital commitment procedures for the new generation ODA program for economic recovery after the COVID-19 pandemic with a scale of 50 billion Yen and agreed to assign ministries and branches in charge to discuss the possibility of Japan providing new generation ODA with high incentives, simple and flexible procedures for large-scale strategic infrastructure development projects in Vietnam such as the North-South high-speed railway, urban railway construction, climate change response, digital transformation, green transformation and healthcare.

The two Prime Ministers affirmed that they will direct the ministries and branches of the two countries to accelerate the progress of a number of ODA cooperation projects such as Cho Ray Hospital 2 and the Ben Thanh - Suoi Tien urban railway line No. 1. Along with that, the two sides affirmed to coordinate their stances on issues of mutual concern at multilateral and regional forums such as ASEAN, the United Nations, APEC, etc.

Regarding the Nghi Son Oil Refinery project, Prime Minister Pham Minh Chinh suggested that businesses of the two countries actively discuss in the spirit of harmonious benefits, shared risks, and removing difficulties of the project.

Prime Minister Pham Minh Chinh proposed that the two sides coordinate to promote a new wave of Japanese investment in Vietnam in the fields of high-tech industry, energy conversion, and improve Vietnam's production capacity and competitiveness to participate more deeply and widely in the supply chain of Japanese enterprises and the global supply chain; propose that Japan encourage strategic investors in the clean energy and renewable energy sectors of Vietnam; support Vietnam in increasing the value chain of agricultural products through technology transfer, improving capacity in the field of distribution and processing; promote procedures and coordinate the early announcement of Japanese grapes in Vietnam and Vietnamese green-skin pomelos in Japan.

awakening new wave of Japanese investment in Vietnam picture 3 — Before the talks, Prime Minister Pham Minh Chinh and Prime Minister Kishida Fumio witnessed the signing of three ODA cooperation projects with a total value of 61 billion Yen (about 500 million USD), including: the new generation ODA budget support program for post-COVID-19 socio-economic recovery and development, the project to improve public transport infrastructure in Binh Duong province, and the project to improve infrastructure for agricultural development in Lam Dong province.

The Prime Minister also proposed that the Japanese Government facilitate and simplify visa procedures, moving towards visa exemption for Vietnamese citizens to promote tourism cooperation between the two countries; soon implement study tourism; pay attention to and create favorable conditions for the community of nearly 500,000 Vietnamese people living, studying and working in Japan, becoming a bridge in the cooperative relationship between the two countries.

Prime Minister Kishida invited Prime Minister Pham Minh Chinh to visit Japan again and attend the ASEAN-Japan Summit in December 2023.

Regarding the East Sea issue, the two leaders stressed the importance of ensuring maritime and aviation security and safety, resolving all disputes and disagreements by peaceful means on the basis of international law, especially the 1982 United Nations Convention on the Law of the Sea (UNCLOS); fully implementing the Declaration on the Conduct of Parties in the East Sea (DOC); and promptly completing an effective and substantive Code of Conduct in the East Sea (COC).

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