Vietnam - Japan Joint Initiative Phase VI: New Cooperation Cycle Initiated

Mr Nguyen Chi Dung, Minister of Planning and Investment, said, the Action Plan for the Phase VI was agreed by the two countries on all seven issues, seven categories and 27 sub-categories. Specifically, they agreed on labour; salary; logistics services - transport; service; supports for small and medium-sized enterprises; restrictive rules applicable to foreign investors in the Investment Law and the Enterprise Law; and pharmaceutical distribution. Minister Dung hoped that the Phase VI will continue to be implemented effectively to improve the Vietnamese business and investment environment and facilitate investment activities not only Japanese companies but also for any business in Vietnam at large.

 

The Vietnam - Japan Joint Initiative, initiated in April 2003, is a special cooperation product of the two Governments of Vietnam and Japan. With the formation of a forum for policy dialogue between Japanese investors and Vietnamese authorities, the Vietnam - Japan Joint Initiative has contributed to shaping a clear and transparent investment and business environment in Vietnam while constructive policy recommendations help perfect laws and policies for Vietnamese authorities. To date, the Vietnam - Japan Joint Initiative has undergone five phases, with a total of 441 sub-categories in Action Plans, of which 367 subcategories were deployed well as scheduled, accounting for 83 per cent of total sub-categories committed. At a summit on end-of-phase assessment of the Vietnam - Japan Joint Initiative in December 2014, the two sides also agreed to continue to carry out the sixth phase of the Vietnam - Japan Joint Initiative.

 

Regarding some outstanding issues in the Phase V and new issues that Japan wants to exchange with Vietnamese authorities as well as sub-categories disagreed, the two sides decided to actively discuss and agree before October 31, 2016.

 

In addition, the two sides consented on the time of the sixth phase of the Vietnam - Japan Joint Initiative: 17 months (from August 2016 to the end of 2017). Two mid-term review meetings (in late 2016 and mid-2017) and a high-level meeting on phase result assessment (in late 2017) will be held.

 

Mr Fukada Hiroshi, Japanese Ambassador to Vietnam, said, through the Vietnam - Japan Joint Initiative, the investment environment of Vietnam has been positively improved. More Japanese investors are expected to increase investment in Vietnam.

 

Mr Kyohei Takahashi, Chairman of the Japan - Vietnam Economic Committee, said that Japan always attaches importance to cooperative relations with Vietnam. Especially, after the Vietnam - Japan Economic Partnership Agreement took effect in 2009, bilateral trade and investment value has increased by about four times. Vietnam is the biggest recipient of Japanese investment in ASEAN, with over 1,500 active businesses. A Keidanren survey in March 2016 showed that Vietnam topped the list of countries where Japanese companies were interested in investing in the next 5-10 years.

 

He added that Vietnam is a developing country whose economic scale is expanding and whose economic structure is diversifying. Therefore, Vietnam’s investment and business environment has posed issues to be solved. Therefore, the Vietnam - Japan Joint Initiative - Phase VI has discussed many complicated technical and academic issues.