The Vietnam - Japan Investment and Trade Cooperation Trade Conference in Tokyo was held on July 23, 2024, with the participation of nearly 80 delegates from investment and trade promotion agencies, Vietnamese and Japanese enterprises. The trade program after the Conference attracted nearly 60 direct transactions between localities, industrial parks, Vietnamese enterprises and Japanese investors and enterprises in various fields.
Conference overview
At the conference, Mr. Nguyen Huu Nhi - Deputy Chief of Office of the Danang Investment Promotion Agency fully conveyed the potential and investment opportunities in the locality to the delegates and Japanese investors attending: The city identifies high-tech industry as one of the three pillars of socio-economic development, in addition to tourism and marine economy. In particular, priority is given to developing the electronics, mechatronics, automation, precision mechanics, biotechnology, and information technology industries. Semiconductor technology and artificial intelligence are identified as new driving forces to create breakthrough development for Danang in the coming time. Danang has all the conditions in terms of human resources, infrastructure, and preferential policies to welcome businesses and investors in the high-tech sector to invest or expand investment in the city. The city prioritizes calling for investors specializing in the semiconductor industrial supply chain.
As of May 2024, Da Nang city has 1,020 FDI projects with a capital of about 4.3 billion USD, of which Japan is the largest investor with 261 projects, with a total registered capital of 1.14 billion USD, accounting for 25% of the number of projects and 25% of the total registered investment capital in the city. Japanese projects have made a positive contribution to promoting the city's economic growth in recent times. The average scale of each project is nearly 3.5 million USD, focusing mainly on the following investment areas: manufacturing and processing (33.8% of total projects), information technology (26%), science and technology (14.8%), restaurants, hotels (10%)... Business activities help create jobs for more than 40,000 workers.
Mr. Kunihiko Hirabayashi - Secretary General of the ASEAN - Japan Center (AJC) highly appreciated the positive response from localities and businesses of the two countries, and emphasized that the Conference was a meaningful and practical activity in the context of Vietnam and Japan officially upgrading their relationship to "Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World". The Secretary General emphasized that Vietnam is currently an important strategic partner of Japan in the Southeast Asian region. Vietnam's active participation in trade agreements such as RCEP, CPTPP and policies towards the Net Zero target, transforming the green supply chain has affirmed Vietnam's important role in the international arena. This opens up new trade opportunities and enhances Vietnam's position as a dynamic and reliable economic partner. Mr. Nguyen Ba Hai - Deputy Director of the Center for Investment Promotion and Industry and Trade Development, Department of Trade Promotion, presented on the economic situation of Vietnam, the current status of foreign investment and Japanese investment in Vietnam. He emphasized the favorable business environment and the Government's policies to attract high-quality foreign investment projects with high technology content and environmental friendliness. In the context of the global production and supply value chain shifting, Vietnam is actively improving business conditions to attract more foreign investors, especially from Japan.
Speaking at the conference, Mr. Sho Hiromitsu - Research Manager of Asia and Pacific Division, Japan External Trade Organization (JETRO), presented on the investment trends of Japanese enterprises in Vietnam. He provided data and positive assessments, affirming that Vietnam is one of the world's leading investment and business expansion destinations. Nearly 60% of Japanese enterprises in Vietnam plan to expand their business in the next 1-2 years. He also emphasized Vietnam's comparative advantages in the investment environment, including growth potential, reasonable labor costs, and labor skills compared to other Southeast Asian countries. These factors increase Vietnam's attractiveness to Japanese investors.
JETRO representative presented investment trends of Japanese investors in the Vietnamese market
In addition, the Working Group of the Investment Promotion and Support Board also had a working session with the Permanent Vice President of JETRO (Japan External Trade Organization in Vietnam), and met with the Governor of Kanagawa Prefecture and representatives of the Department of Industry and Labor, the Department of Environmental Management and Agriculture of Kanagawa Prefecture.
Meeting with the Governor of Kanagawa Prefecture
It is known that Da Nang City has had many cooperations with Kanagawa Prefecture through the two sister cities of Yokohama and Kawasaki. In 2013, Da Nang and Yokohama signed a "Memorandum of Understanding on Long-term Cooperation", promoting cooperation in many fields between the two cities, especially in the field of sharing urban development experiences. On the basis of the Memorandum, the two cities regularly organize Urban Development Forums between the two sides. In 2007, Da Nang City and Kawasaki signed a "Memorandum of Understanding on Economic Cooperation" and upgraded it to "Memorandum of Understanding on Industrial, Port and Environmental Cooperation" in 2012. In addition to port and economic cooperation activities, cultural and sports exchanges between the two sides have also developed.
IPA Da Nang
