Vietnam-Japan Joint Initiative contributes to improving domestic business environment
VOV.VN - The Vietnam-Japan Joint Initiative (VJJI) has significantly contributed to improving the local business environment and raising the country’s overall competitiveness in terms of foreign direct investment (FDI) attraction.
Do Nhat Hoang, director of the Foreign Investment Agency (FIA) under the Vietnamese Ministry of Planning and Investment (MPI), made the statement at a pre-final evaluation meeting held on March 2 for the VJJI Phase VIII.
Vietnamese ministries and agencies have therefore co-ordinated efforts with the Japanese side in terms of implementing commitments as part of the action plan, he added.
As a result they are ready to work alongside the Japan Chamber of Commerce and Industry (JCCI), the Japanese Embassy in Vietnam and relevant agencies in order to successfully materialise the joint initiative, thereby laying ground for discussions on future co-operation, he emphasized.
The VJJI was launched back in April, 2003, as a special co-operation mechanism between the Vietnamese and Japanese Governments.
It serves as a policy dialogue forum specifically between Japanese investors and relevant Vietnamese ministries and agencies, with proposals being made to help competent Vietnamese agencies fine-tune laws and policies.
The eighth phase of the initiatives focuses on 11 groups of issues. Due to the global economy was seriously affected by the COVID-19 pandemic, especially disruptions in terms of supply chains, both sides have duly agreed to add three new groups of issues.
Over the past two decades many legal documents have been amended and issued, with various policy recommendations from the Japanese side being put into consideration by Vietnamese ministries and agencies who reported them to competent authorities to perfect their implementation.
Japan has set forth a report proposing various strategies in an effort to promote investments by small- and medium-sized enterprises, the key players in Vietnamese support industries.
The nation is among the top 20 countries worldwide in terms of FDI attraction, which sees remarkable contributions made by Japanese firms through the initiative.
Japan has run nearly 5,000 projects in the country with a total registered capital of roughly US$70 billion.
According to the latest survey conducted by the Japan External Trade Organization (JETRO), up to 60% of Japanese enterprises are destined to expand their business in the Vietnamese market.