Japan aspires to support Vietnam in “rising era”

Supporting Vietnam in economic growth and industrialization

On the occasion of the first anniversary of Vietnam - Japan Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World (November 27, 2023-2024), Japanese Ambassador to Vietnam Ito Naoki chair a meeting with local media on the progress and future prospects of the bilateral ties.

According to Japanese Ambassador Ito Naoki, the relationship between Japan and Vietnam in recent years reached significant progress despite leadership changes in both nations. High-level dialogues and meetings continued. The partnership has deepened across various sectors, spanning economy, trade, investment, defense, and people-to-people exchanges as well.

In particular, in March, the countries launched the Japan-Vietnam joint initiative in the new era, focusing on energy, innovation, supply chain development, high-quality human resources building, and business climate improvement.

Japan is also increasingly interested in Vietnam’s semiconductor industry, Ito noted.

"Energy cooperation also saw progress, such as the LNG-based power plant project in Thai Binh, licensed in March and the Block B gas field project, which received its final investment decision this spring and has begun taking concrete steps”, said Japanese Ambassador.

In August, Tokuyama Corporation established a subsidiary in Vietnam to produce and sell polysilicon for semiconductors. This project has been supported by Japan's Ministry of Economy, Trade and Industry under its 'Co-Creation with the Global South' initiative, showing the Japanese Government's active backing.

Furthermore, in October, Rorze Robotech decided to build a new factory in the northern port city of Hai Phong, expanding its production of robots to be used in semiconductor manufacturing.

A November agreement was also signed between the two Governments to provide IT equipment for the upgrade of Vietnam’s national population data center, which is operated by the Ministry of Public Security.

Vietnam first metro system in Ho Chi Minh City (Ben Thanh – Suoi Tien line), developed with Japan's JICA and Japanese companies, will begin operation this December. "Despite previous delays, this metro system will symbolize our two countries' cooperation in urban transportation. I believe this project will significantly improve life for residents in Ho Chi Minh City," he said.

The ambassador expressed confidence that under the new leadership headed by Party General Secretary To Lam, the era of Vietnam's rise will offer exceptional opportunities for the two countries’ cooperation and friendship to thrive. Vietnam’s proactive diplomatic stance, meanwhile, would further deepen their joint work, especially within multilateral forums like the United Nations and ASEAN. In strategic sectors outlined by Vietnam – urban rail transportation, energy, and digital transformation – the bilateral partnership is making steady progress.

Greater focus on Vietnamese workforce

Highlighting the cooperation in developing high-quality human resources between the two nations, Ambassador Ito Naoki expressed the high regard Japanese businesses have for Vietnamese workers.

"Since the two countries established a new partnership, the number of Vietnamese living and working in Japan has grown significantly, surpassing 600,000 for the first time. Japan remains a top destination and a preferred choice for Vietnamese workers. We are committed to improving the framework and environment to make Japan an even more attractive destination for Vietnamese youth, ensuring it continues to be a leading labor market for them," Ambassador Ito Naoki remarked.

"Vietnamese human resources are incredibly important and valuable to Japan's economy and society. We want to ensure that Vietnamese workers can live happier lives in Japan," Ambassador Ito Naoki affirmed. He also revealed that the Japanese government has recently introduced new regulations allowing Vietnamese workers who face harassment or abuse to transfer to other employers.

Additionally, Vietnamese workers, who have historically faced high fees to secure employment in Japan, will benefit from measures under the new rules that require Japanese companies to contribute to reducing intermediary costs.

Citing the latest survey results from the Japan External Trade Organization (JETRO), Ambassador Ito Naoki noted that Vietnam consistently ranks as the second most promising investment destination for Japanese companies. Trade and investment between the two nations have seen remarkable growth, with bilateral trade volume increasing by 1.8 times over the past decade.

"With such rapid growth, I am optimistic that Japan and Vietnam can elevate bilateral trade from US$90 billion to US$100 billion. Vietnam is rising into a new era, and Japan is eager to stand by its side, providing active support throughout this journey," Ambassador Ito Naoki emphasized.