Japan-Vietnam cooperation boosts economic integration

These deals, which have brought about benefits for Vietnam, Japan and other regional economies, are inevitable amid globalization.

Statistics have indicated that more than 2,500 Japanese companies have established operations in Vietnam, exceeded only by Thailand and Singapore.

Japanese companies are mainly based in big cities like Hanoi, Hai Phong, Da Nang, and Ho Chi Minh City. Japan and Vietnam have very encouraging prospects for bilateral cooperation.

Ms. Yuri Sato, Vice President of the Japan External Trade Organization (JETRO), said"JETRO’s annual surveys on Japanese business investment in the Asia and Oceania region show that Vietnam’s advantage is its favorable investment environment. 63% of the businesses surveyed agreed that Vietnam has a stable socio-political environment and a large-scale market with high growth. One in three businesses surveyed said that they would like to expand their investment in Vietnam."

Japanese experts said that Japan-Vietnam cooperation should advance from bilateral cooperative programs to fostering dialogues and integration initiatives for Asia Pacific prosperity.

The two countries should boost bilateral ties and cooperation with other partners to soon realize Trans-Pacific Partnership (TPP) and RCEP deals to promote trade liberation and investment, and to be connected with regional production networks.

According to Dr. Nguyen Anh Thu, Vice Rector of the University of Economics and Business in Hanoi, Vietnam should step up efforts to improve its policy framework and competitiveness, adding that integration measures should be incorporated with efforts to improve national economic institutions.

She said, "Vietnam’s global and regional integration should accompany national reforms. In addition to participating in regional and international deals like TPP, RCEP and FTAAP, Vietnam needs to boost its bilateral cooperation with other countries to make full use of its productivity and economic efficiency. Vietnam’s cooperation with Japan is a case in point. The Japan International Cooperation Agency (JICA) has supported Vietnam in many programs to improve Vietnam’s productivity and product quality."

Vietnam-Japan economic cooperation reflects the two countries’ response to regional changes.