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Vietnamese, Japanese firms urged to work closely together

Update: September, 25/2012 - 11:07

HA NOI (VNS)— Vietnamese and Japanese business communities were urged to foster co-operation based on traditional relations between the two countries as well as the great potential to further develop work together.

The call was made by Japan Chamber of Commerce and Industry (JCCI) chairman Tadashi Okamura during a business conference held yesterday in the capital.

Also at the event, Viet Nam Chamber of Commerce and Industry chairman Vu Tien Loc said Viet Nam has drawn increasing attention from Japanese companies.

Top priorities should be given to better facilitate the establishment of strategic ties between businesses in the two countries, especially small- and medium-sized businesses, he said.

The chairman said he hoped that there would be a new influx of investment capital, especially from small- and medium-sized Japanese enterprises in Viet Nam during the time ahead.

The conference was organised as part of a Japanese delegation's four-day visit to Viet Nam, a trip aimed at scouting out investment and co-operation opportunities in various fields.

Representatives from participating firms come from a wide range of sectors including electronics, trade, IT, finance and banking, manufacturing, support industries, construction, agriculture and pharmaceuticals.

JCCI chairman Okamura said that in addition to exchanging information with Vietnamese businesses and seeking new partners, he also hoped to help Viet Nam further improve its investment climate.

During the event, Japanese firms said they hoped to make investments in Viet Nam in areas such as support industries, IT, electronics and consultation.

Japan is now one of Viet Nam's leading trade partners. Two-way trade reached over US$21.12 billion in 2011, surging 27 per cent against the previous year.

Trade topped $12 billion during the first half of this year, and $7 billion of this sum came from Vietnamese exports, up 40 per cent year-on-year.

The two countries have set a target to raise bilateral trade to $30 billion in 2015 and $40 billion in 2020.

Japan, meanwhile, remains one of the top investors in the country. As of the end of July, Japanese companies have invested $28 billion in more than 1,700 projects.

Viet Nam was amending policies to develop support industries and seeking to boost co-operation with Japanese companies, so investment opportunities are set to increase, according to the Ministry of Planning and Investment.

Improving investment quality and the socio-economic situation were among the Vietnamese Government's goals, according to the ministry.

To achieve them, Viet Nam would focus on developing key industries including support industries to increase the rate of use of local components in manufacturing and improve the competitiveness of Vietnamese products. — VNS

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