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Japanese, Vietnamese businesses urged to utilize CPTPP

VGP - PM Nguyen Xuan Phuc in Ha Noi on March 26 received CEO and President of Mitsubishi Corporation Takehiko Kakiuchi.

March 27, 2018 8:44 AM GMT+7

PM Nguyen Xuan Phuc receives CEO and President of Mitsubishi Corporation Takehiko Kakiuchi, Ha Noi, March 26, 2018

At the reception, Takehiko Kakiuchi said the great cooperation achievements between Viet Nam and Japan have offered more opportunities for Japanese firms, including Mitsubishi, to intensify exchange, and expand cooperation and investment in Viet Nam.

He also called on PM Phuc and competent Vietnamese agencies to continue their support and create the best possible conditions for the corporation to invest and operate in the country.

In turn, PM Nguyen Xuan Phuc said Vietnamese and Japanese businesses should intensify exchange and cooperation in order to capitalize on opportunities presented by the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to which both Viet Nam and Japan are members.

The Vietnamese government leader asked Japan’s Mitsubishi Corporation to expand investment in infrastructure, airport transport, seaports and energy, particularly renewable energy in Viet Nam, and applauded the strong development of the Viet Nam-Japan extensive strategy partnership across a variety of fields with high mutual political trust.

Japan was a leading economic partner, the largest official development assistance (ODA) provider, the fourth biggest trade partner and No. 1 investor of Viet Nam in 2017, Phuc told his guest while affirming Viet Nam’s recognition of great importance to boosting economic cooperation with Japan and hailing Japanese investors’ contributions to the country’s socio-economic development. 

However, Phuc cited Japan’s still low level of foreign direct investment (FDI) in Vietnam accounting for just 3% of its total FDI in Asia, and lower than its investment in a number of Southeast Asian nations. 

The Vietnamese Government has revamped institutions and mechanisms to offer more favourable conditions for foreign investors, including those from Japan, the PM stressed.

Regarding investment and business activities of Mitsubishi in Viet Nam, PM Phuc asked the corporation to take heed to manufacturing, automobile and food processing industries in the country. 

                                                                                                                                    By Vien Nhu