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Japan, Vietnam to expand trade, investment ties

 


October 1, 2008

Japan, Vietnam to expand trade, investment ties
Over 100 businesses from Japan and Vietnam participated in a Vietnam-Japan Business Forum in the capital last week, which included discussions on opportunities and challenges for trade and investment co-operation, reported Vietnam state news agency VNA.

Japan is currently Vietnam's 3rd largest investor with 1,019 investment projects worth $16.9 billion, and the top foreign investor in terms of disbursed capital, said Deputy Minister of Planning and Investment Nguyen Chi Dung.

Vietnam has been making increasing efforts to streamline administrative procedures, upgrade infrastructure as well as develop human resources to facilitate foreign investors efforts.

Almost all the Japanese investment projects have been operating fruitfully, resulting in an increasing influx of investment capital from the Japanese investors, added Dung.

Hiroyuki Yoshino, vice president of the Tokyo Chamber of Commerce and Industry (TCCI), confirmed Dung's statement that Japan's investment in Vietnam is on the rise.

According to TCCI, Vietnam has great potential for the two countries' co-operation, and Japanese businesses hope to develop more long-term co-operation with Vietnam.

Trade between Vietnam and Japan could reach $16.2 billion this year, exceeding the 2010 target of $15 billion, said the Japanese customs agency.

Vietnam's exports will be worth $8.2 billion, an increase of 21.1 percent over last year.

To further increase exports to Japan, Vietnam needs to strengthen quality and distribution networks, said Vietnam's overseas trade office in Japan.

Vietnam seeks to export more products to Japan including sausages, soybeans, fertilisers, electronics, household lamps, frozen vegetables and animal feed.

Vietnam also plans to carefully study and set up distribution networks in Japan for garment, textile and coffee products.

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