Vietnam, Japan launch Phase VIII of Joint Initiative

Phase VIII covers a wide range of issues, from competition to the labour market, infrastructure investment in the form of public-private partnership (PPP), and the reform of State-owned enterprises and the stock market.

In the context of the global economy being severely affected by the COVID-19 pandemic, especially the disruption of the supply chain, Vietnam and Japan have agreed to add three new issues to Phase VIII. They are the supporting industry, innovation, and the development of highly skilled human resources, in order to anticipate the shifting, restructuring and diversification of investment capital flows in the coming time.

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

Over the past 18 years, the initiative has contributed to creating an open and transparent business and investment environment in Vietnam, while providing constructive policy recommendations to complete laws and policies in Vietnam.

Results of Phase VIII will be evaluated in 2023 when both countries will celebrate 50 years of their diplomacy.

Japanese Ambassador to Vietnam Yamada Takio expressed his hope Phase VIII will contribute to improving Vietnam’s investment and business environment, towards the goal of common development and prosperity of both countries’ business communities.