Monday, August 10 2020


VN expects Japan to become top investor

Update: January, 18/2017 - 09:00
Workers from Sài Gòn Food JSC process frozen seafood for export to Japan and the EU. - VNA/VNS Photo An Hiếu
Viet Nam News

HÀ NỘI – Prime Minister Nguyễn Xuân Phúc said Việt Nam expected Japan to become its top investor, with more high-tech investments in areas such as green growth, infrastructure development, high-quality agriculture and services as well as privatisation of State-owned enterprises.

Phúc was speaking at a business forum co-hosted by his counterpart Shinzo Abe and attended by big firms from both sides yesterday during Abe’s two-day visit to Việt Nam.

“Việt Nam expects Japan to become its top foreign investor,” Phúc said.

Japan currently ranks second, after Korea, out of 142 countries and territories with investments in Việt Nam. So far, Japan has poured around US$42 billion into the Southeast Asian country, which is striving to improve its investment climate and expand exports.

Japan is also the leading official development assistance donor and the fourth largest trade partner of Việt Nam.

Phúc said that Việt Nam expected to receive Japanese investments in promoting green growth, developing high-quality infrastructure projects, financial, banking and tourism as well as agricultural production.

Japanese investments were encouraged in the process of privatizing State-owned enterprises in Việt Nam and promoting the development of start-ups.

Phúc stressed the important role of businesses in enhancing the bilateral partnership between the two countries.

Abe said at the forum that Việt Nam was rising to become a manufacturing hub in ASEAN. He called on the Government of Việt Nam to continue supporting and listening to Japanese firms, adding that Japan, with its strength in technologies and experience in manufacturing, wanted to contribute to the development of the Vietnamese economy through technology transfer and human resource training.

There are around 1,600 Japanese enterprises operating in Việt Nam.

Abe reaffirmed the two countries’ determination in boosting the strategic partnership through promoting trade, investment, ODA and cooperation.

Vinatex and Itochu

During his two-day visit, Abe and his counterpart witnessed the signing of several agreements between enterprises of both sides.

Việt Nam Textile and Garment Group (Vinatex) on Monday signed a strategic co-operation agreement with Japanese firm Itochu.

Under the agreement, trading firm Itochu will assume the role of a consulting partner for Vinatex and its member companies in developing the textiles and garment supply chain from fibre to thread, fabric and sewing, retail distribution, co-operation and introducing domestic and foreign partners.

Shuichi Koseki, senior managing executive officer, manager of CP·CITIC Strategy Office, president of Textile Company and representative director, said Việt Nam’s textiles and garments were an important part of Itochu, therefore it wanted to develop this area with Việt Nam, so that Vinatex could become its number one partner.

In the near future, he said Itochu would boost co-operation between the two sides to develop textiles and garment products and supply them globally.

Speaking at the signing ceremony, Lê Tiến Trường, general director of Vinatex, said the two sides would discuss in detail the co-operation plan and implement actions immediately to make a change in Vinatex’s textiles and garment production and business method from Cut—Make—Trim to Free on Board, developing a sustainable retail distribution network to enjoy long-term benefits.

Itochu signed a framework agreement to support several projects in dyeing and materials production in Viet Nam, training in the country’s dyeing sector and utilising the capacity of Vinatex’s dyeing factories in the central region in 2015.

At that time, Itochu owned 5 per cent stake in Vinatex through a subsidiary company.

Itochu, one of the leading economic groups in Japan operating in various areas, including textiles and garment, has co-operated with some 100 textiles and garment companies of Việt Nam. — VNS



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