 Prime Minister Nguyen Xuan Phuc welcomes Japanese Prime Minister Suga Yoshihide in Hanoi |
Vietnam and Japan established diplomatic ties 47 years ago. Bilateral ties are now the best they’ve ever been. The two countries have strengthened mutual political trust, bilateral economic cooperation, and people-to-people exchanges.
Vietnam is the focus of Japan’s economic policy
Japan is Vietnam’s biggest ODA donor, second largest investor, and fourth largest trade partner. The Japanese government plans to encourage Japanese businesses to invest more in supply chains in Southeast Asia, particularly in Vietnam. Foreign Direct Investment in Vietnam is expected to increase sharply in production and services. Major brands like Uniqlo and Muji have opened stores in Vietnam. Prime Minister Suga’s visit should motivate more Japanese investment in Vietnam.
Terminal T2 at Noi Bai International Airport is funded by Japan's ODA (Photo: petrotimes.vn)
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Japan is now Vietnam’s 3rd largest importer. According to Vietnam’s General Department of Customs, bilateral trade in the last five months of this year was 2.2% more than last year despite the COVID-19 pandemic.
Ta Duc Minh, Vietnam’s Trade Counselor in Japan, said: "Japan is a high potential export market for Vietnam. The two markets are supportive of each other. Vietnam has great opportunities to increase its exports to Japan because the demand for imported goods, especially Vietnamese goods is high. When local consumers have high trust in a country, they want to buy products made in that country."
 Cherry Blossom festival in Hanoi (Photo:Thanh Tùng/VNA) |
Fostering bilateral friendship
Expanded economic and cultural ties and people-to-people exchanges, have brought the two governments and peoples closer. The Japan Cherry Blossom Festival in Hanoi, the Japan-Vietnam Festival in HCM City, and contests promoting Japanese culture have bolstered the friendship, Japan has helped Vietnam restore cultural heritages like Hue’s ancient citadel and the Thang Long Imperial citadel. Nguyen Phu Binh, Vice Chairman of the Vietnam-Japan Friendship Association and former Vietnamese Ambassador to Japan, said that Japan’s leaders selecting Vietnam as the first country to visit after taking office shows their respect for the close bond between the two countries
"Japan’s internal affairs and the global economy are struggling but Japanese policy toward Vietnam has remained strong and positive. The stability of their bilateral ties is based on mutual respect and mutual trust between the two peoples and their leaders," said Binh.
Vietnam-Japan cooperation has become a model of friendship and mutual benefit and creates a strong foundation for stability and peace in the region.