Japanese Ambassador to Vietnam Ito Naoki has shared his views on Vietnam’s economic prospects as well as areas expected to drive breakthroughs in bilateral cooperation in the coming period.

He said Japan will continue to support Vietnam’s reform direction, particularly under the leadership of Party General Secretary and State President To Lam.

On economic prospects, Ito Naoki said Vietnam recorded GDP growth of 8.02% last year, the highest among ASEAN member states, adding that the growth momentum will continue in the coming years and  this outlook will attract increasing investment inflows from abroad, including from Japan.

Vietnam is developing a new growth model with notable features, highlighting the role of the private  sector while keeping state-owned enterprises as a pillar in certain areas such as banking and energy. Innovation and technology are also key factors. The Japanese government and businesses stand ready to contribute to this process, he went on.

According to Ito Naoki, Vietnam has seen new economic developments that would have been difficult to imagine even two or three years ago. He pointed to the rapid rise of electric vehicles on the streets of Hanoi, with these vehicles gradually shaping the automotive industry.

Vietnam is also developing semiconductor manufacturing plants, an area that was almost absent just a few years ago. Advances in innovation, production and infrastructure are taking place at an unprecedented pace, showing the strong potential of the Vietnamese economy.

As  reforms continue and the investment environment improves, new opportunities will open up for Japanese companies to invest and expand operations in Vietnam, he continued.

Looking ahead, Ito Naoki said economic cooperation will remain the central focus. The two sides have identified a new pillar of cooperation centred on innovation and technology, including artificial intelligence (AI), semiconductors, digital transformation and green transition. Leaders of both countries have agreed to ramp up cooperation in these areas.

He noted that the Japan International Cooperation Agency (JICA) has recently decided to provide a US$330 million loan for climate change and disaster management, describing it as a new form of ODA in bilateral relations.

As Vietnam places emphasis on strategic infrastructure such as energy, digital infrastructure and transport, particularly railways, Japan has also shown interest in participating, including through official development assistance (ODA).

Within the framework of the Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World, cooperation between the two countries is expanding into the security field.

Recent developments include port calls by Japan Maritime Self-Defense Force vessels to Vung Tau and Da Nang, as well as a visit by a Vietnam People’s Navy ship to Kure port, the first in seven years.

The two sides have also begun cooperation in defence equipment. Notably, in December last year, they held their first high-level “2+2” dialogue between the foreign and defence ministries. Ito Naoki said this area needs to be further strengthened.

He added that as Vietnam continues to raise its international and regional standing and pursues a proactive and active foreign policy, this is also an area where Japan can work closely with Vietnam to promote regional peace and stability.

In this context, Japan is advancing its “Free and Open Indo-Pacific” vision and sees Vietnam as an indispensable partner in realizing  this strategy.

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