Vietnam, Japan boost economic cooperation

16:42 16/11/2018

A forum was held by the Central Institute for Economic Management (CIEM) in Hanoi on November 15 to discuss trade and investment cooperation between Vietnam and Japan.

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The Vietnam– Japan Policy Research Forum also offered a chance for participants to talk efforts to bolster bilateral collaboration in order to maximize benefits from regional and global integration in the next context.

Addressing the event, CIEM Director Nguyen Dinh Cung said the relationship between Vietnam and Japan has continuously developed over the past 45 years. The two countries established their strategic partnership in 2009 and upgraded it to a comprehensive strategic partnership in 2014.

“Being the two most active members in one of the world’s most dynamic regions, Vietnam and Japan need to look beyond cooperation in trade and investment to strengthen bilateral cooperation,” he said.

Nguyen Anh Duong, head of the CIEM’s Macroeconomic Policy Department, said there is significant room to boost the cooperation between enterprises in Japan and Vietnam.

But he stressed for maximum potential, Vietnam needs to be more proactive.

“It is important to change the thinking in joining the global value chain. In addition, Vietnam should also promote multilateral cooperation to facilitate and encourage investment,” Duong said.

He pointed out that the cooperation with Japan contributed largely to improving production capacity.

Senior economist Vo Tri Thanh said at the forum that Vietnam remains a top destination for Japanese investors.

Vietnam needs to renovate its growth model towards innovation and productivity while shifting its policies for attracting foreign direct investment, he noted.

“Attracting foreign direct investment should aim at promoting technology transfer, improving capacity and promoting green and sustainable growth,” he added.

According to Mie Oba from Tokyo University of Science, it is important to build regional order, maintain economic order and promote the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and other bilateral and multilateral agreements.

At the event, participants focused on discussing the real situation and issues in Vietnam-Japan trade relations since 2008, the Vietnam-Japan Economic Partnership Agreement, efforts to boost investment collaboration between the two nations since 2008, and initiatives and measures to enhance Vietnam-Japan trade and investment. 

The Vietnam-Japan Economic Partnership Agreement was signed on December 25, 2008 and took effect on October 1, 2009.

Japan has been one of the top investors in Vietnam with around US$60 billion so far.

It is also an important trade partner of the Southeast Asian country with two-way trade hitting US$33 billion in 2017 and US$27.8 billion in the first nine months of this year.