The ministry said if these issues are successfully implemented, they will positively contribute to improving the investment and business environment in Vietnam.

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Representatives of the Vietnamese and Japanese governments sign a Memorandum of Understanding to implement the eighth phase of the Vietnam - Japan Joint Initiative. (Photo: the Ministry of Planning and Investment)

The 11 groups of issues include the publication and application of case law/civil judgment enforcement/competition regime; the Law on Investment and the Law on Enterprises; improvement of the working environment; promoting infrastructure investment in the form of public-private partnership (PPP); reform of state-owned enterprises and stock market; method of implementing specific measures to create the best electricity structure in Vietnam; and efforts to improve laws and regulations related to natural gas pipeline construction and promote import of liquefied natural gas.

They also cover land-related issues; the supporting industry; promoting activities of the Vietnam National Innovation Center (NIC) and innovation activities in localities and businesses; and highly skilled human resources development.

Because the global economy was seriously affected by the COVID-19 pandemic, especially disruptions in supply chains, Vietnam and Japan agreed to add three new groups of issues: development of the supporting industry, innovation and development of highly skilled human resources.

Japanese Ambassador to Vietnam Yamada Takio highly valued the initiative in the eighth phase, saying that the Vietnam - Japan Joint Initiative is a practical and effective policy dialogue framework.

The active cooperation of the Japanese side with Vietnamese ministries and sectors over the seven phases has contributed significantly to developing polices and improving Vietnam's investment and business environment, he stressed.

The Vietnam-Japan Joint Initiative was launched in April 2003 as a result of special cooperation mechanism between the Vietnamese and Japanese Governments.

It serves as a policy dialogue forum between Japanese investors and relevant Vietnamese ministries and agencies, where proposals have been made to help competent Vietnamese agencies fine-tune laws and policies.

Over the past 18 years, the initiative has helped create an open and transparent business and investment environment in Vietnam.

Source: VNA