Vietnam and Japan have long enjoyed strong economic relations, and these ties were at the forefront during discussions held on March 1, 2025, at the Vietnamese government's headquarters. Prime Minister Pham Minh Chinh led talks with Japanese business representatives, focusing on enhancing cooperation and facilitating investment as part of Vietnam's ambitious growth strategy.
With the goal of achieving 8% economic growth for 2025 and sustaining this growth rate thereafter, the meeting highlighted Vietnam's commitment to creating favorable conditions for foreign investments, particularly from Japan, which has been one of Vietnam's largest economic partners for decades.
The discussions included relevant officials such as Deputy Prime Ministers Ho Duc Phoc and Nguyen Chi Dung, alongside notable business leaders from Japan and representatives from various Japanese business associations. This assembly marks nearly 52 years of developing fruitful relations and demonstrates the potential for advancing bilateral trade and investment for mutual benefits.
Vietnam is currently Japan's top ally for economic cooperation and development assistance. The bilateral trade volume was projected to exceed $46.2 billion by 2024, establishing Japan as the largest donor of Official Development Assistance (ODA) to Vietnam, with support exceeding $20 billion and over $750 million aimed at non-refundable aid, ensuring the continued prosperity of Vietnamese industries.
Prime Minister Chinh remarked on Japan’s significance as ‘the third largest investor’ and ‘a key partner for trade’. Japanese firms account for nearly 56.1% of companies intending to expand investments within Vietnam over the next couple of years, positioning Vietnam as the primary investment destination for Japanese enterprises.
Highlighting the desire for continued collaboration, the Prime Minister sought to assure Japanese investors of Vietnam’s conducive business environment, emphasizing the necessity to advance infrastructure, particularly concerning transport networks and technological sectors. "We are ready to support initiatives related to semiconductor industries and renewable energy projects, as these areas are poised for growth," he asserted.
At the seminar, Japanese representatives commended Vietnam’s investment climate, “We hope to contribute to Vietnam's economic development, particularly as the country steps firmly toward its new growth era,” stated Ito Naoki, the Japanese ambassador to Vietnam. This sentiment echoed throughout the event, signifying the Japanese commitment to investing heavily across various industries.
Recognizing existing challenges, Prime Minister Chinh encouraged Japanese firms to express concerns transparently for timely resolutions, particularly with large projects such as the Ho Chi Minh City Metro and infrastructure improvements. He assured, "We will streamline administrative procedures to facilitate investments and reduce costs for businesses within our borders. Our aim is to bring maximum convenience to investors and enterprises."
During the meeting, the Prime Minister laid out Vietnam’s plans for its infrastructural and institutional evolution, intending to transition toward a competitive economy backed by superior human resources and regional governance. "Vietnam stands on three strategic pillars – institution building, infrastructure enhancement, and quality human resource training," he stated, reinforcing the need for Japanese investment to leverage these advantages effectively.
Addressing the need for efficient governance, he expressed the significance of fostering trust between the government, businesses, and the community. The collaboration should extend beyond simple profit to inspire shared visions and mutual success. The government’s intent is to make foreign investment an integral part of the Vietnamese economy, ensuring legal rights and interests are protected.
Chinh concluded by inviting Japanese businesses to adopt Vietnam as their investment base, voicing aspirations to reach sustainable economic growth amid the socio-economic evolution. "Together, we can achieve prosperity for both nations and reinforce our comprehensive strategic partnership for peace and growth within Asia and globally," he remarked.
The two nations continue to explore extensive opportunities for collaboration, as both sides recognize the vast potential for strengthening economic ties centered on innovation, environment-friendly practices, and sustainable development.