Vietnam and Japan have agreed to strengthen their economic cooperation by enhancing collaboration on official development assistance (ODA) loans while also bolstering ties in trade, investment, and labor.

This agreement was reached by Vietnamese Minister of Foreign Affairs Bui Thanh Son and his Japanese counterpart Kamikawa Yoko as they co-chaired the 12th meeting of the Vietnam-Japan Cooperation Committee on Wednesday, as part of Son’s four-day visit to Japan at the invitation of Minister Kamikawa.

During the event, FM Kamikawa expressed her deep condolences for the passing of Party General Secretary Nguyen Phu Trong, who died on July 19 at the age of 80.

She affirmed her hope that both sides would honor the legacy of the late Party leader and continue to develop friendly cooperation across all fields.

Son expressed gratitude to the leaders and people of Japan for their condolences and acknowledged the attendance of former Prime Minister Suga Yoshihide and the Japanese prime minister’s special envoy at General Secretary Trong's funeral.

The two ministers reviewed the achievements made since the 11th Cooperation Committee meeting and discussed measures to solidify the framework of their countries' Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World, established last year.

They noted the resumption of the Vietnam-Japan Cooperation Committee mechanism after a five-year hiatus due to the COVID-19 pandemic, highlighting the increasing mutual political trust and the robust developments in the all-round relations between the two nations.

The ministers agreed to further strengthen economic ties by promoting Japanese ODA loans to Vietnam while expanding cooperation in trade, investment, and labor.

Currently, Japan is the world’s largest provider of ODA loans to Vietnam, with nearly US$30 billion worth of lending.

In fiscal year 2023 alone, the total of Japanese ODA loans to Vietnam exceeded 100 billion yen (approximately $685.5 million), marking the first time this threshold has been surpassed since 2017, according to the Japan International Cooperation Agency.

Son suggested that Japan continue providing new-generation ODA with high incentives and simplified, flexible procedures for projects in digital transformation, green transformation, climate change response, healthcare, and large-scale infrastructure development.

Minister Kamikawa affirmed Japan's commitment to support Vietnam in building an independent and self-reliant economy, successfully implementing its industrialization and modernization drive, and achieving its goal of becoming a developed country by 2045.

She praised Vietnam’s efforts in recent years to reform and innovate administrative procedures, improve the investment environment, and facilitate its economic development activities.

She noted that Japanese businesses are interested in Vietnam and consider it an attractive investment destination for diversifying their supply chains.

The two countries will maintain their close coordination in effectively implementing the Vietnam-Japan Joint Initiative in the new era, ensuring Japanese investors’ efficient operations in Vietnam, enhancing two-way trade, and mutually opening market access for fruits from both countries, the two ministers agreed.

They also pledged to expand comprehensive cooperation to new areas, including digital transformation, innovation, information technology, and digital society through practical and specific initiatives and projects.

FM Kamikawa expressed Japan's wish to join hands with Vietnam in sustainable development, emission reduction, and environmental protection through initiatives such as the Asia Zero Emission Community.

They agreed to beef up cooperation in human resource training and kick off negotiations on a bilateral social insurance agreement.

FM Son suggested Japan enhance cooperation in training human resources not only in key industries but also in semiconductors and artificial intelligence. 

He called on Japanese universities to establish departments for Vietnamese language and culture studies amid the increasing number of Vietnamese living in Japan.

Sharing her affinity for the contributions of the nearly 570,000 Vietnamese in Japan, FM Kamikawa discussed Japan’s new labor law, which was issued in June 2024 and offers more incentives to guest workers, including those from Vietnam. 

In their talks after the meeting, the two ministers agreed to strengthen political trust through regular high-level visits and exchanges, as well as foster cooperation in defense and security.

Son suggested Japan continue support for ASEAN's solidarity and centrality, and intensify its cooperation with the grouping and the Mekong subregion.

Affirming that Vietnam is an important partner in Japan's foreign policy in the region, the Japanese minister underscored that Japan will support Vietnam to successfully take part in the EXPO 2025 in Osaka, Japan.

The two officials also discussed international and regional issues of common concern, including ASEAN cooperation, the Mekong region, and the East Vietnam Sea.

They agreed that the two countries will strengthen coordination at international and regional forums, including ASEAN, the United Nations, the Asia-Pacific Economic Cooperation, and the Organization for Economic Cooperation and Development.

FM Son took the occasion to invite Japanese leaders to attend the fourth Partnering for Green Growth and the Global Goals 2030 Summit and the ASEAN Future Forum in Vietnam in 2025.

Like us on Facebook or  follow us on Twitter to get the latest news about Vietnam!