Hanoi (VNA) – The Japan-Vietnam Economic Committee under the JapanBusiness Federation (Keidanren) has made significant contributions to the thrivingbilateral relations between the two countries, especially in terms of theimplementation of the Vietnam-Japan Joint Initiative, said Prime MinisterNguyen Xuan Phuc on July 31.

Hosting a reception for two Keidanren Co-Chairs, Kuniharu Nakamura and HideoIchikawa, and members of Keidanren delegation in Hanoi, PM Phucstressed that the bilateral relations are developing in a more practical andeffective manner based on the Extensive Strategic Partnership.

Japan is currently Vietnam’s second largest official development assistance (ODA)sponsor and second largest foreign investor, while also ranking third amongsttourism arrivals into the Vietnam, the PM said, expressing his hope thatKeidanren will further its efforts to position Japan first in all those fields.

Lauding Japan’s role and coordination with Vietnam towards accelerating thesigning of the Comprehensive and Progressive Agreement for Trans-PacificPartnership (CPTPP), PM Phuc noted that Vietnam will adopt the pact by the endof this year, and hopes to accompany Japan in solidifying the deal.

Vietnam always considers the East Asian country as one of its leading partners,and hopes that both sides would bolster cooperation in various sectors for thesake of the two peoples, and for regional and global peace and prosperity, thegovernment leader said.

The Vietnamese Government and people believe that Japanese businesses willpreserve their prestige, and pour long-term, sustainable investment in thecountry. As both nations present huge potential for further collaboration, theGovernment will create favourable conditions for Japanese companies in thespirit of mutual benefit, he noted.

PM Phuc wished that the Japanese side will continue its support for Vietnam inthe nation’s socio-economic development process, especially in the fields mostin demand, such as agricultural machinery, oil and gas, automobile engineering,energy, processing and manufacturing, and infrastructure development.

Besides economy and trade collaboration, Vietnam wants to enhance people-to-peopleand cultural exchanges with Japan, he said, adding Vietnam backs Japan’sactivities to promote cooperation in the framework of collaboration programmeswith the Mekong Sub-region countries.

PM Phuc proposed that the two Keidanren Co-Chairs and members of Keidanrendelegation step up their implementation of the Vietnam-Japan Joint Initiativeto maintain policy dialogue mechanisms between the Vietnamese Government agenciesand Japanese enterprises. He described this an effective channel for Vietnameseauthorities to complete regulations and policies to better the business climate.

Expressing his delights over the growing Vietnam-Japan Extensive StrategicPartnership, Kuniharu Nakamura said that high-level visits have consolidatedthe friendship and comprehensive cooperation between the two countries.

As for Japanese firms, Vietnam is an attractive market due to its large population,stable socio-political environment, as well as its role of a gateway for Japanto tap into the ASEAN market.

Last year, Vietnam welcomed the largest amount of Japanese investment, with 9.1billion USD in capital injected by over 1,700 businesses, he said, pledging to enhanceinvestment in Vietnamese infrastructure and human resources.

For the time ahead, Keidanren will extend its granting of scholarships forVietnamese students, he underlined.

Meanwhile, Hideo Ichikawa said that Keidanren also wants to help Vietnamimprove its business climate through the implementation of the Vietnam-JapanJoint Initiative, which is now in its seventh phase.

He said he hopes to receive further support from the Vietnamese authorities incarrying out the initiative.

Laying stress on the significance of infrastructure development in the contextof curbing the ceiling ratio of public debt, he suggested the VietnameseGovernment choose rational projects under the public-private partnership (PPP)model, adding that Japanese firms stand ready to join such projects in Vietnam.

The Japan Business Federation is the largest economic organisation in Japanwith 1,340 companies, 109 industrial associations, and 49 regional economicorganisations. –VNA