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The MinistryVietnam-Japan joint initiative improves investment climate of Planning and Investment, the Japanese Embassy, and the Vietnam-Japan Economic Committee held a meeting in Hanoi on November 23 to review the implementation of the two countries’ joint initiative.

Kyohei Takahashi, Co-Chairman of the Vietnam-Japan Economic Committee, said both countries have been active in realising the joint initiative aimed at creating an open and transparent investment environment.

He highly values the initiative, saying it has helped macroeconomic stabilisation, developed the support industry, created better living environments around industrial parks, augmented intellectual property, and expanded retail markets. It has also facilitated the development of public-private infrastructure investment.

The two countries have established a macroeconomic group to promote mutual understandings and demonstrated transparency in regards to their international balance sheets and foreign currency reserves, said Takahashi.

He also acknowledged some shortcomings, including the lack of clarity in regulations on recalling and dealing with discarded products.

Japanese Ambassador to Vietnam Tanizaki Yasuaki suggested the two countries focus on removing obstacles hampering investment to create conditions more conducive to foreign direct investment flows.

He revealed that Vietnam has received US$1.2 billion in the first installment of the Japanese Government’s 2012 ODA loans and Japan will soon make its decision on Vietnam’s ODA grant for the whole year.

Minister of Planning and Investment Bui Quang Vinh affirmed that in 2012 the joint initiative has helped Vietnam improve economic development policies, especially those relating to the investment climate, contributing to foreign investment attraction.

Japan is presently the top foreign investor in Vietnam, he said, adding Vietnam is expected to receive more assistance from the Japanese Government in the future.

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