Japan actively involves in drafting Vietnam’s industrialization strategy

Foreign investment in six priority industries under the industrialization strategy accounted for 27% of total registered capital in Vietnam from 2013 to March 2019, focusing on electronics, automobiles and energy saving.

Japan actively involves in drafting Vietnam’s industrialization strategy

 Overview of the meeting. Source: VGP. 

The Japanese embassy in Vietnam and other Japanese agencies have been actively involving in the drafting process of Vietnam’s national strategy for industrialization, according to Deputy Prime Minister Trinh Dinh Dung, who also heads of the Steering Committee for the Strategy.

In order to strengthen bilateral collaborative ties in the industrial sector, in 2013, Vietnam’s then Prime Minister Nguyen Tan Dung approved the national strategy for industrialization, which is under the Vietnam – Japan cooperation framework until 2020, with vision to 2030, said Deputy PM Dung at a meeting of the committee on December 20, with the attendance of Minister of Japan Embassy in Vietnam Daisuke Okabe.

Dung added the overall goal of the strategy is to promote technology innovation, growth of labor productivity and build international competitiveness, at the same time develop products with high added value, and spread technologies that meet advanced quality standards for export and domestic consumption.

The strategy targets to have an outstanding development in six priority industries, including electronics; agricultural machinery; processing of agricultural and fishery products; shipbuilding; environment and energy saving; and manufacturing of automobiles and auto parts, into key industries with high added value and international competitiveness.

Dung said foreign investment in six industries accounted for 27% of total registered capital in Vietnam from 2013 to March 2019, focusing on electronics, automobiles and energy saving.

Except for shipbuilding with slow development progress, others sectors, particularly electronics, have created large amount of jobs and contributed significantly to exports, stated Dung.

 

The development of priority industries under the strategy helped transform the supporting industries, in which some local enterprises have participated in the supply chain of global corporations in electronics and automobiles, asserted Dung.

According to Dung, Vietnam – Japan strategic partnership has been growing strongly, particularly in three pillars of economy, trade and investment.

Japan is currently one of Vietnam’s top economic partners, providing the largest amount of official development assistance (ODA) to date with US$27 billion, as well as the country’s fourth largest trading partner with turnover of US$38 billion in 2018.

Additionally, Japan is Vietnam’s second largest investors with registered capital of nearly US$60 billion in over 4,300 projects, contributing to Vietnam’s socio-economic development and creating jobs for locals, said Dung. Hanoitimes

Ngoc Thuy

HCMC’s property investment procedures discourage Japanese investors: Japanese Chamber of Commerce and Industry

HCMC’s property investment procedures discourage Japanese investors: Japanese Chamber of Commerce and Industry

Many Japanese investors have had to carry out cumbersome legal procedures to invest in real estate projects in HCMC, resulting in delayed projects and substantial financial losses.  

Institutional distance hindering Japanese technology transfers

Institutional distance hindering Japanese technology transfers

It is often heard that Japanese companies have difficulty doing business in and transferring technology to Vietnam because of the great institutional distance.    

 
 

Other News

.
Foreign firms take over petroleum market, Ministry of Industry and Trade anticipates risk
Foreign firms take over petroleum market, Ministry of Industry and Trade anticipates risk
FEATUREicon  09/04/2021 

The Ministry of Industry and Trade (MoIT) has proposed removing the rule in a decree that says foreign investors are allowed to hold no more than 35% of shares in petroleum trading businesses.

Vietnam manufactures 54.4 million mobile phones in Q1
Vietnam manufactures 54.4 million mobile phones in Q1
BUSINESSicon  09/04/2021 

More than 54 million mobile phones were produced in Vietnam in the first three months of 2021. The phone and phone component industry also earned revenue of over US$14 billion in the same period.

Lack of raw materials threaten wood prices
Lack of raw materials threaten wood prices
BUSINESSicon  09/04/2021 

Input material prices for Vietnamese wood exporters have risen sharply, but most of them are stuck in the mud as there seems no suitable way to increase their selling prices accordingly.

BOT projects incur losses, investors and banks worry about bad debts
BOT projects incur losses, investors and banks worry about bad debts
FEATUREicon  09/04/2021 

Investors are worried as their Build-Operate-Transfer (BOT) projects cannot satisfy requirements as revenue has been lower than expected.

Made-in-Vietnam textile products to be sold on Amazon
Made-in-Vietnam textile products to be sold on Amazon
BUSINESSicon  08/04/2021 

If sales through Amazon online stores worldwide are successful, Vietnamese products will have brand positioning in markets worldwide.

Vn-Index predicted to hit all-time high of 1,300 pts in April
Vn-Index predicted to hit all-time high of 1,300 pts in April
BUSINESSicon  08/04/2021 

Strong involvement of individual investors and participation of new foreign fund would help offset the net selling trend of foreign investors.

Economy growing strongly on back of COVID-19 endgame
Economy growing strongly on back of COVID-19 endgame
BUSINESSicon  08/04/2021 

Efforts to boost business and production fuelled by the gradual use of COVID-19 vaccines have helped recover the country’s economic growth, driven largely by the manufacturing and processing activities.

VIETNAM BUSINESS NEWS APRIL 8
VIETNAM BUSINESS NEWS APRIL 8
BUSINESSicon  08/04/2021 

Aquatic product exports hit $1.64 bln in Q1

Multinationals may hesitate to enter Vietnam because of rising land rent
Multinationals may hesitate to enter Vietnam because of rising land rent
BUSINESSicon  08/04/2021 

Rising land rent and shortages in industrial zones (IZs) may cause multinationals, which are seeking land near Hanoi and HCMC City, to hesitate to come to Vietnam.

Vietnam to attract more foreign investment in high-tech industry
Vietnam to attract more foreign investment in high-tech industry
BUSINESSicon  08/04/2021 

Vietnam will lure more foreign investment in the high-tech industry by offering more incentives and amending requirements for high-tech businesses.

Forbes names six Vietnamese billionaires in latest rich list
Forbes names six Vietnamese billionaires in latest rich list
BUSINESSicon  07/04/2021 

Globally-renowned business magazine Forbes has just released its annual list of the world’s billionaires, including six billionaires from Vietnam.

Vietnam will have national portal on product traceability this year
Vietnam will have national portal on product traceability this year
BUSINESSicon  07/04/2021 

A national portal on tracing the origin of products and goods is expected to be put into operation in the fourth quarter of this year, according to the Directorate for Standards, Metrology and Quality (DSMQ).

Airlines await “vaccine passports” for resumption of international flights
Airlines await “vaccine passports” for resumption of international flights
BUSINESSicon  07/04/2021 

Although “vaccine passports” are yet to become official, airlines are nonetheless preparing for the resumption of international flights based on their introduction.

Foreign investments might flow into Vietnam's stock market from the second half of 2021
Foreign investments might flow into Vietnam's stock market from the second half of 2021
BUSINESSicon  07/04/2021 

Bao Viet Securities Company (BVS) expects Vietnam's stock market might attract up to US$1.4 billion from index tracking funds, if Vietnam is officially upgraded to a secondary emerging market by FTSE.

Investors of renewable energy projects to be chosen through bidding
Investors of renewable energy projects to be chosen through bidding
BUSINESSicon  07/04/2021 

Investors of renewable energy development projects will be chosen through competitive tenders and they will set the minimum selling price of the output of their projects.

Thousands of hectares of industrial zones approved in first quarter
Thousands of hectares of industrial zones approved in first quarter
BUSINESSicon  07/04/2021 

Dozens of industrial zone projects in 13 cities and provinces covering have been approved in the first quarter, promising thousands of hectares of new space for investors over the coming years.

Bank assets soar as shares are 'hot'
Bank assets soar as shares are 'hot'
BUSINESSicon  07/04/2021 

Encouraged by the prosperity gained in 2020, the biggest commercial banks in Vietnam target making a profit of VND1 billion this year.

Young farmer earns billions of VND a year from rabbit exports to Japan
Young farmer earns billions of VND a year from rabbit exports to Japan
BUSINESSicon  07/04/2021 

After many years raising rabbits, Do Quoc Toan, a farmer in Dan Phuong district in Hanoi, has reaped fruit. His rabbit farm brings revenue of over VND1 billion a year.

HCM City approves 8 projects to boost industry, trading, e-commerce, exports
HCM City approves 8 projects to boost industry, trading, e-commerce, exports
BUSINESSicon  07/04/2021 

The HCM City Department of Industry and Trade said eight key projects have been approved by the city government to promote the industry, trading, e-commerce, and exports and facilitate goods transport.

VIETNAM BUSINESS NEWS APRIL 7
VIETNAM BUSINESS NEWS APRIL 7
BUSINESSicon  07/04/2021 

Digital banking - A new era for Vietnam’s banking industry

 
 
 
Leave your comment on an article

OR QUICK LOGIN