The Prime Minister made the call while chairing a dialogue with Japanese businesses in Hanoi on March 1 to promote cooperation and investment in Vietnam for sustainable and rapid development of both sides.
Highlighting the growth of the Vietnam-Japan relations over the past 52 years with the establishment of a comprehensive strategic partnership for peace and prosperity in Asia and the world, Prime Minister Pham Minh Chinh noted that bilateral economic, trade, and investment cooperation has continued to play a pivotal role, standing out as a highlight in the bilateral relationship.
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Prime Minister Pham Minh Chinh and delegates at the event |
Japan is currently one of Vietnam's leading economic partners — the largest provider of official development assistance (ODA) and labor cooperation, the third-largest investor, and the fourth-largest trade and tourism partner.
At present, Japan has over 5,500 investment projects in Vietnam, with bilateral trade turnover in 2024 exceeding USD 46.2 billion. In terms of ODA, Japan has committed more than USD 20 billion in concessional loans, nearly USD 750 million in non-refundable aid, and approximately USD 1.34 billion for technical cooperation.
Japanese investments span a wide array of sectors and are present in numerous localities across Vietnam. According to the Japan External Trade Organization (JETRO), 56.1% of Japanese enterprises expressed a desire to expand their operations in Vietnam within the next one to two years — the highest rate in ASEAN. This clear shows that Vietnam remains an attractive investment destination for Japanese businesses, the Prime Minister underscored.
At the dialogue, Japanese businesses praised Vietnam’s investment climate and expressed strong interest in expanding investments in infrastructure, semiconductors, renewable energy, clean energy, including nuclear energy, automotive manufacturing, and commercial centers.
However, they urged Vietnam to further streamline administrative processes, speed up decision-making, and improve legal frameworks for emerging sectors like data governance. They called for prompt resolution of bottlenecks in major projects, especially ODA-funded infrastructure, and highlighted ongoing issues with a number of projects like Ho Chi Minh City Metro Line 1 and the Nghi Son Refinery.
Prime Minister Pham Minh Chinh acknowledged these concerns, while assuring the firms that Vietnam’s ongoing efforts to streamline the political system's organizational apparatus aims for higher efficiency, with the highest purpose of providing best services to citizens and businesses.
For the Ho Chi Minh City Metro Line 1 project, he directed HCM City authorities to resolve key project issues by April 30, 2025.
He said that in 2025, Vietnam aims to prioritize growth, targeting an 8% GDP increase, thereby building momentum for double-digit growth in the subsequent years, stressing that the Government will continue pursuing three strategic breakthroughs - institution, infrastructure, and high-quality human resources to serve the country’s fast and sustainable growth.
The Vietnamese leader also on Japanese firms to partner with Vietnam in achieving the ambitious 8% growth target for 2025 and double-digit growth in the following years.
He said he hopes Japanese businesses, with their experience, resources, and credibility, will help Vietnam access green and sustainable financing through initiatives such as the "Asia Zero Emission Community" (AZEC) and to support innovation through Japan’s "Innovation/Digital Transformation Fund.”
He reiterated Vietnam’s policy of selectively attracting foreign investment, prioritizing projects that offer quality, efficiency, technological advancement, and environmental protection. Vietnam welcomes investment in key sectors such as the green economy, digital economy, circular economy, knowledge economy, science and technology, innovation, electronic components, electric vehicles, semiconductors, new energy Iike hydrogen and renewables, financial hubs, green finance, biotechnology, healthcare, and high-tech agriculture.
Prime Minister Pham Minh Chinh urged both sides to enhance cooperation in strengthening supply chains, developing supporting industries, and building a skilled workforce.
He suggested Japanese enterprises accelerate disbursement and simplify procedures for ODA projects, and to expedite their decision-making processes, while harmonizing regulatory frameworks between the two countries.
The Vietnamese Government is firmly committed to ensuring that the foreign-invested sector remains an integral part of the national economy, while guaranteeing legitimate rights and interests of all investors, and maintaining political stability, social order, and institutional and policy consistency to foster investment, the Prime Minister affirmed.
Source: VNA