Initiated in April 2003, the Vietnam - Japan Joint Initiative is a special cooperation between the Vietnamese and Japanese Governments, through the establishment of a forum for policy dialogue between Japanese investors and relevant Vietnamese ministries and agencies.

Representatives of the Vietnamese and Japanese Governments sign a Memorandum of Understanding to implement the Vietnam - Japan Joint Initiative phase 8 (Photo: MPI)

After 18 years of implementation, the Initiative has contributed to creating an open and transparent business and investment environment in Vietnam, while providing constructive policy recommendations as reference information in the process to complete laws and policies for Vietnamese authorities.

The Vietnam - Japan Joint Initiative Phase 8 consists of 11 groups of issues, including 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 emphasized that as the COVID-19 pandemic is complicated, greatly affecting the activities of people and businesses, and affecting the supply chains of countries, including Vietnam, the issues put forth contribute to boosting economic development and solving difficulties that the two sides face.

According to the Ministry of Planning and Investment, the phase 8 action plan has mentioned macro issues associated with major policy recommendations, the possibility of competition, contributing to improving Vietnam's investment environment, further promoting Japanese investment in Vietnam and consolidating the comprehensive strategic partnership between the two countries. This is also an opportunity for Vietnam to attract more Japanese investment in the coming period./.

Compiled by BTA