Deputy Minister of Finance Tran Quoc Phuong met with Gunma Governor Yamamoto Ichita on October 20 to promote economic cooperation, highlighting Japan’s key role in Vietnam’s official development assistance (ODA), investment, and digital transformation.
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“In recent years, the cooperative relationship between Vietnam and Japan has witnessed remarkable progress. Japan continues to be one of Vietnam’s most important economic partners,” said Deputy Minister Phuong, noting that last year Japan ranked as Vietnam’s top partner in terms of ODA and labour, third in investment and tourism, and fourth in trade.
During the visit to Vietnam by Japanese Prime Minister Ishiba Shigeru this year, the two prime ministers reaffirmed their commitment to working closely together to further strengthen the Vietnam-Japan Strategic Partnership.
“The friendly and cooperative relationship between Vietnam and Japan is not limited to the government and state levels, but also extends to cooperation between localities in both countries,” he said.
Phuong noted that Japan’s ODA for Vietnam accounts for over 30 per cent of total committed aid from all partners. Japanese ODA projects have focused on areas such as transportation infrastructure, energy, climate change response, healthcare, and education, all of which have made significant contributions to Vietnam’s development.
To further promote bilateral investment cooperation, Deputy Minister Phuong proposed that both sides continue to enhance comprehensive collaboration in areas where Japan holds strengths and Vietnam has demand and potential, such as industrialisation, high-quality human resource training, innovation, and digital transformation.
These efforts will help improve the competitiveness of Vietnamese enterprises and enable them to participate more deeply in global value chains.
He also suggested that Japan coordinate closely with the Ministry of Finance (MoF) and other Vietnamese ministries and agencies to rapidly and effectively implement the Vietnam-Japan Joint Initiative, thereby fostering cooperation in key areas such as high technology, energy transition, and infrastructure development, especially transportation infrastructure.
He reaffirmed the MoF commitment to continue supporting, facilitating, and accompanying Japanese businesses throughout their investment and business operations in the country.
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| Businesses from Gunma Prefecture attended the Vietnam visit to explore cooperative opportunities |
On behalf of the delegation, Governor Ichita noted, “So far, three business delegations from Gunma Prefecture have visited Vietnam to explore investment and business opportunities, with a total investment of around JPY5 billion ($6.6 million). In the near future, businesses from Gunma will also cooperate with Vietnam’s FPT Corporation in digital transformation.”
Governor Ichita also introduced a number of Gunma-based companies planning to invest in Vietnam and expressed hope that the MoF would facilitate connections and identify potential areas of cooperation for these enterprises.
Over the years, Japan has consistently been one of Vietnam’s leading partners in foreign direct investment. As of September 30, Japan had invested in 5,660 projects in Vietnam, with the total registered capital of $78.6 billion, ranking third among 153 countries and territories investing in the country. Japanese investments are now present in 33 out of 34 localities across Vietnam.
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