Vietnam is attracting more Japanese investments to digital transformation and green growth, as recommended in the Vietnam-Japan Joint Initiative (VJI), the state news agency (VNA) reported.

Phase VIII of the initiative, launched in 2003, concluded in March 2023, under which 497 out of the 597 items were completed.

To promote its role, the Vietnamese Ministry of Planning and Investment proposed building a cooperation programme between small and medium-sized enterprises (SMEs) of the two countries, focusing on digital transformation, support industry and personnel training.

Japanese SMEs have capacity, experience and high-tech, and Vietnamese firms have abundant human resources, which is reciprocal during their development cooperation.

According to a survey conducted by the Japan External Trade Organisation (JETRO) in 2022, 60% of Japanese firms said they plan to expand operations in Vietnam, the highest in Southeast Asia.

With the aim of joining the group of upper-middle-income countries by 2030, Vietnam has paid attention to scientific-technological application, innovation, digital transformation, green transition, green economy, digital economy, circular economy and knowledge-based economy.

The country, therefore, is encouraging Japanese enterprises to step up investment in infrastructure, energy, manufacturing, high-tech agriculture, IT, smart urban development, financial services, banking and innovation.

The Vietnamese Government has committed to supporting businesses, contributing to advancing the Vietnam-Japan relationship to a new height.

Currently, Japan is running more than 5,000 valid projects in Vietnam with a total investment capital of over US$69 billion, ranking third among the 141 countries and territories investing in the Southeast Asian nation.