Việt Nam plays crucial role in driving growth in Asia: forum

Nguyễn Văn Dũng, vice chairman of HCM City People’s Committee, speaks at the ‘Green Economy – Opportunity and Cooperation’ forum on Wednesday in HCM City. VNA/VNS Photo

HCM City — Việt Nam, with its abundant young labour force and strategic location, is playing a central role in driving growth in the Asia region, said the Governor of Japan’s Hyogo Prefecture. 

Speaking at the ‘Green Economy – Opportunity and Cooperation’ forum on Wednesday in HCM City, Motohiko Saitō said the important partnership between Việt Nam and Japan has laid the foundation for connecting HCM City and Hyogo Prefecture over the years.

Saitō said that Japan had high expectations for Việt Nam’s growth potential and green economy, particularly those in Hyogo Prefecture.

He attributed the expectations to the Southeast Asian nation’s recovery from the pandemic, along with a growth rate of over 5 per cent per year and its commitment to achieving net-zero emissions by 2050.

Hyogo Prefecture is home to a number of companies working on advanced technology to achieve similar goals such as addressing climate change, promoting green energy, and digital transformation, according to the governor.

Nguyễn Văn Dũng, vice chairman of the city People’s Committee, said Việt Nam had seen over 5,200 investment projects from Japan, with bilateral trade between the two countries reaching over US$40 billion as of November 2023. 

Japan was currently the fifth largest trading partner and the third largest investor in HCM City, with 1,657 Japanese projects worth over $5.7 billion, which accounts for 10 per cent of the city’s total foreign investment.

The city wanted to attract foreign investors, especially those from Japan, and improve the investment and business environment, particularly with a focus on green growth strategies.

The city was implementing a National Assembly resolution on piloting certain mechanisms and policies specific to its development that provide favourable conditions for fulfilling commitments with foreign investors.

Trần Văn Bích, head of the economic development research department at the HCM City Institute for Economic Development Research, said HCM City had over the years focused on green economy development. 

The city was prioritising integrating green growth into various sectors to reduce emissions, utilise resources efficiently, and promote resilience to climate change and natural disasters, he added.

Motohiko Saitō (left), governor of Japan’s Hyogo Prefecture, meets with Phan Văn Mãi, chairman of HCM City People’s Committee during a meeting on Wednesday in HCM City. VNA/VNS Photo

During a follow-up meeting with the governor of Japan’s Hyogo Prefecture, Phan Văn Mãi, chairman of HCM City People’s Committee, said Saitō’s visit took place after Việt Nam and Japan elevated their relationship to a Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World, which would open up more cooperation opportunities for the two localities.

He called on Hyogo firms to invest in the city’s many fields, such as banking, finance, tourism, trade, agriculture, electronics, semiconductors and new materials.

Saitō said many Hyogo businesses also wanted to invest in the fields of human resource training, high added value production, and exchanges between residents, especially youths.

Investment in HCM City also offers an opportunity for Hyogo’s businesses, to invest in the Cửu Long (Mekong) Delta region of Việt Nam, according to Saitō.

The forum was organised by the HCM City Investment and Trade Promotion Center in collaboration with the Hyogo Prefecture Government. — VNS