Speaking at the Vietnam-Japan high-level economic policy dialogue themed “Vietnam’s integration and development,” Phuc said Japan is Vietnam’s largest single official development assistance (ODA) provider. The country is Vietnam’s second largest investor with more than 3,000 projects capitalized at over US$39 billion and the fourth largest trade partner.

Phuc told Japanese and Vietnamese investors at the event that Vietnam is resolved to build a transparent government to serve people and enterprises. Vietnam will focus on reforming its institutions, improving productivity and competitiveness, and restructuring the economy.

In that spirit, Phuc called for Japanese businesses to invest in six key areas under the Vietnam-Japan industrialization development cooperation framework, including agro-fishery processing, electronics, automobile and auto parts, agricultural machinery, environmental industry and energy conservation and shipbuilding. 

He also encouraged Japanese investors to get involved in infrastructure development projects under the public-private partnerships (PPP) or other forms, high-quality services, and the equitization of Vietnamese State-owned enterprises.

The Prime Minister hoped that the two countries would be able to scale up two-way trade to US$60 billion by 2020.

Vietnam appreciates Japan’s market opening for Vietnamese fruits such as mango, litchi and dragon fruit, and hopes more made-in-Vietnam seafood, consumer goods, electronics and parts can enter the Japanese market. In return, Vietnam is willing to import high-quality products and technology from Japan, Phuc said.

Both sides should work toward opening more direct flights, he said, and Japan should simplify visa requirements for Vietnamese tourists.

Regarding development orientations, Phuc said Vietnam would create a favorable investment environment, develop various types of businesses and consider foreign firms as an important part of the economy. Vietnam will also boost administrative reform while maintaining political and macroeconomic stability to help investors feel secure.

Chairman of the Japan External Trade Organization (JETRO) Ishige Hiroyuki said at the dialogue that the Prime Minister’s message would instill confidence in Japanese investors in Vietnam. JETRO surveys show many Japanese firms are interested in the ASEAN market.

According to the Japanese Ministry of Economy, Trade and Industry, Vietnam is Japan’s important partner. Around 1,500 Japanese businesses are active in Vietnam while bilateral trade between the two nations in 2014 surged six times versus 2000.

Prime Minister Phuc is leading a high-ranking delegation to Japan from May 26 to 28 at the invitation of Japanese Prime Minister Shinzo Abe. This is the first Japan visit by Phuc in his capacity as prime minister.

Phuc is invited to attend the expanded Group of Seven (G7) Summit in Mie Prefecture. This first attendance of Vietnam in a G7 summit indicates that the world’s seven most industrialized economies, especially Japan, have recognized the increasingly important role of Vietnam in the region.

In a related development, PM Phuc met UN Secretary-General Ban Ki-moon in Japan on May 26.

Phuc said Vietnam is working out plans to execute the tasks set forth at the 21st Conference of the Parties to the United Nations Framework Convention on Climate Change (COP 21) in Paris late last year and the approved 2030 Agenda for Sustainable Development.

Regarding East Sea issues, Ban reiterated the UN’s firm backing for the settlement of disputes in line with international law, especially the 1982 UN Convention on the Law of the Sea.

Ban expected that ASEAN and China would cooperate to fully implement the Declaration on the Conduct of Parties in the East Sea and soon adopt a binding Code of Conduct in the East Sea