Japanese businesses keen to invest in Vietnam post COVID-19

Japanese ambassador Yamada Takio believes Vietnam's improved investment environment in the post COVID period will attract more Japanese businesses. (Photo: VGP)

The dialogue conference attracted the participation of representatives of 40 Japanese businesses operating in Vietnam.

Ambassador Takio noted that Vietnam has brought the coronavirus outbreak under control while the world is struggling hard to contain it. Thanks to its rewarded efforts, Vietnam has successfully maintained its positive economic growth, with its total export value hitting US$489 billion during the past 11 months, a year-on-year rise of 3.5%.

Japan is currently Vietnam’s largest foreign investor with 37 Japanese businesses operating in various areas, he said.

According to the ambassador, the Japanese government is implementing a US$2.3 billion plan to persify its supply chain, which offers a good chance for Japanese businesses to increase investment into Vietnam.

Representatives of 40 Japanese businesses operating in Vietnam attand the dialogue conference with the Vietnamese govenrment to facilitate Japanese operations in Vietnam.

Addressing the conference, Minister Mai Tien Dung, Chairman of the Government’s Office, voiced the government’s commitment to cutting down cumbersome administrative procedures, making it easier for local and foreign businesses to operate.

So far this year, the Government has axed 239 business conditions, bringing the number of business conditions that have been cut over the past four years to 3,893 out of the total of 6,191, he said.

In addition, he said, the Government has issued a decree on the implementation of administrative procedures in the electronic environment and a program to trim regulations regarding business operations in 2020-2025. The government aims to reduce and simplify at least 20% of the regulations and 20% of compliance costs related to business operations for residents and firms.

According to the Minister, Vietnam is the only country in Southeast Asia and one of very few in the Asia-Pacific region that have achieved positive economic growth this year, estimated at 2.6-3%. It is one of the 16 most emerging economies that have obtained success in context of the COVID-19 pandemic, and has been recognized internationally for good economic prospects in the near future.

At the event, representatives of Japanese businesses proposed that Vietnam further facilitate travel between the two countries, accelerate public investment disbursement, and speed up the licensing of Japanese firms wishing to do business in Vietnam.