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Japan-Vietnam partnership aiming to yield positive dividends

Japan and Vietnam are strengthening ties. Bilateral economic cooperation has developed in recent times. Japan is the largest foreign investor in Vietnam. More than 3,100 Japanese businesses have undertaken investment in Vietnam, marking an increase of 40 per cent in four years. Japan has been implementing an array of collaboration programs with Vietnam in developing hardware infrastructure, such as bridges, seaports, airports, and expressways. Japan has partnered with Vietnam in perfecting the latter’s legal system, training human resources, and improving labor productivity.

In the coming time, together with expanding investment areas and scale, Japan expects to continue cooperating with Vietnam in infrastructure development, thus supporting its sustainable development. Vietnam is now in a great transition phase in terms of politics and economy, with abundant energy sources for growth.

Japan also hopes to join hands with Vietnam to improve its administrative capacity. Japan is prone to natural disasters and Vietnam is one of the countries hardest hit by climate change. The countries will work on minimising the negative impact of climate change.

Both Vietnam and Japan are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). In the context of rising protectionism in several economies, bringing the CPTPP into force at an early date is particularly crucial for both countries.