PM encourages Japanese firms to invest in Vietnamese SOEs
Updated : Wednesday, October 10, 2018 5:27 PM (GMT+0700)

PrimeMinister Nguyen Xuan Phuc has encouraged Japanese businesses to becomestrategic partners of Vietnam’s State-owned enterprises (SOEs), especially inindustrial infrastructure construction. 

 
PM Nguyen Xuan Phuc speaks at the conference - Photo: VNA

Addressing the Vietnam-Japaninvestment promotion conference in Tokyo on October 10, the leader explainedthat Vietnam is stepping up the equitisation of State-owned enterprises byselling stakes in major SOEs in transportation, aviation, food and foodstuff,agriculture, telecommunications, trade, tourism services andconstruction. 

Japanese firms, withfinancial strength, good business administration and extensive internationalmarkets, are welcomed as strategic partners, he said 

Besides, Vietnam alsoencourages foreign investors in startups, as the country is focusing ondeveloping startups and small- and medium-sized enterprises (SMEs), henoted.  

Amidst the Fourth IndustrialRevolution, Vietnam is shifting its growth drivers towards sectors withhigh-added values and using state-of-the-art technologies and high-qualitylabourers, the PM said. 

Therefore, the country hopesfor Japanese investments in infrastructure development, clean energy,processing, electronics, manufacturing, support industry, high-tech agriculture,logistics, aviation and high-end hotels, the leader noted. 

Affirming that Vietnam’sinvestment environment will be further improved, PM Phuc said Japaneseinvestors are welcomed to the country for mutual long-term and sustainabledevelopment. 

He said in the face ofglobal uncertainties, Vietnam has maintained political and social stability,and consolidated the macro economy, with growth rate of nearly 7 percent in thefirst nine months of this year. 

Besides, Vietnam has joineda total of 16 new-generation free trade agreements (FTAs), the PM said,highlighting the country’s advantages of geopolitics, geoeconomics, populationas well as Internet and smart phone users. 

“The Vietnamese Governmentconsiders improving the business environment a regular task”, he said, pointingto positive assessments of Vietnam’s investment environment by internationalorganisation such as the World Bank (WB), the World Economic Forum (WEF) andNikkei, as demonstrated by the country’s moving up their investment environmentindexes. 

Phuc also noted that up to70 percent of Japanese enterprises have plans to expand their operation inVietnam based on such factors as rising revenues, expanding market andcompetitive labour costs. 

The PM stressed that Japanis the second biggest foreign investor in Vietnam with over 52 billion USD, andthe fourth biggest trade partner with two-way trade exceeding 33 billionUSD. 

In the first eight months ofthis year, Japan continued to take the lead with investment of 7 billion USD,making up 28.8 percent of the total FDI capital poured into the country. 

Japanese investments havehelped lure FDI from other countries and increase competition between FDIinflows in Vietnam, he said. 

The PM expressed his hopethat there will be more initiatives and proposals made at the conference, thuscontributing to promoting economic and trade ties between the two countries.

At the conference, PM Phucand officials from Vietnam and Japan witnessed the exchange of cooperationdocuments between the two countries’ ministries, agencies and businesses withtotal value almost reaching 10 billion USD.

Source:VNA

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