Monday , May 27 2024

PM Chinh asks Japanese investors to pour money into Vietnam

Prime Minister Pham Minh Chinh asked Japanese investors to help transfer technology and train Vietnamese personnel by investing in the country on Saturday.

At the Vietnam-Japan Economic Forum, Chinh suggested that Japan support and train high-quality personnel for Vietnam.

Investors should rest-assured that investing in and doing business in Vietnam is built on the country’s strong foundation of stable institutions, infrastructure and labor forces, he added.

Meeting with Japanese businesses, Chinh said that despite complex and hard-to-predict economic and geopolitical situations, Vietnam has remained stable thanks to its internal power and the support and cooperation of its global partners.

Vietnam has grown while managing inflation and stabilizing its macroeconomy, Chinh said. A balanced labor market, sufficient energy for production, and well-managed debts have also fostered trust among investors, he added.

In 2022, Vietnam’s GDP was scaled at over US$400 billion, while its per capita income stood at over $4,000. In the first 11 months of 2023, Vietnam garnered $30 billion in foreign investment capital, of which $20 billion has already been disbursed.

Vietnam also produces an export excess of $25 billion and boasts a foreign exchange reserve at over $100 billion.

Around 8 million tons of rice have been exported from Vietnam this year, helping to ensure global food security.

“Vietnam is a safe haven amid the globe’s current economic storm, in all different aspects,” Chinh said.

Chinh reiterated that Vietnam prioritizes attracting investment projects in new technologies, such as green economy, semiconductors and new forms of energy, such as hydrogen. These are fields that Japan has experience in, and Vietnam has the potential and demand for such Japanese expertise.

Nguyen Chi Dung, Minister of Planning and Investment, meanwhile requested that major Japanese corporations like Honda to build a long-term, sustainable production base in Vietnam.

At the Vietnam-Japan Economic Forum, 30 cooperation agreements were signed between Vietnamese and Japanese ministries, localities and businesses.

Chinh is visiting Japan per an invitation by his Japanese counterpart Kishida Fumio from Dec. 15 to 18. Vietnam and Japan commemorate their 50th anniversary of establishing diplomatic relations this year. They upgraded relations to a Comprehensive Strategic Partnership in November.

Japan is one of Vietnam’s most important economic partners, ranking first when it comes to ODA, second when it comes to labor cooperation, third when it comes to investment and tourism, and fourth when it comes to commerce.

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