Minister of Planning and Investment Bui Quang Vinh said the governments and business communities of both countries would continue to concentrate on improving policy-making and implementation processes in Vietnam.

Long-term policy-making for industrial development was necessary in order to create competitive advantages for Vietnam, as joining the ASEAN Economic Community would be a focus of the sixth stage of the Vietnam-Japan Joint Initiative. Both sides will spend more time on further discussions as part of the Vietnam-Japan Joint Initiative launched 11 years ago in order to make Vietnam’s investment environment more attractive to Japanese investors.

The Ministry of Planning and Investment and the Japanese Embassy in Vietnam held a meeting last week to work out achievements and shortcomings in the implementation of the 5th Vietnam-Japan Joint Initiative from July 2013 to December 2014. Nearly 80 per cent of the contents agreed upon in the fifth phase were successfully achieved, while the remaining elements were in the process of being implemented.

The fifth phase focused on 13 issues, including taxation, customs, retail, transport, intellectual property, macroeconomic stabilisation, infrastructure development and food safety. During the fifth phase, around 40 policy dialogues were held to create avenues for agencies from the two countries to exchange and discuss main contents of the action plan to realise the initiative.

“Both sides have agreed to enter the sixth stage of the joint initiative, demonstrating their desire to help Japanese investors feel more secure and confident about developing their business in Vietnam,” said Japanese Ambassador Hiroshi Fukada.

Takahashi Kyouhei, co-chairman of the Japan-Vietnam Economic Council said that the fifth phase was successful and expected that the next phase to be inaugurated would bring more competitive advantages for Vietnam as the ASEAN Economic Community would fuel attempts for Vietnam to become more competitive.

“Japan will continue its support for the development of Vietnam and the ASEAN region in general during the sixth phase of the initiative,” stressed Kyouhei.