Over the past 15 years, six phases of the Vietnam - Japan Joint Initiative have been implemented, with a total amount of 473 sub-categories in the Action Plan. At the High - level Meeting on the Evaluation of Vietnam - Japan Joint Initiative Phase VI on December 7th, 2017, the two sides agreed to continue implementing the Vietnam - Japan Joint Initiative Phase VII.

Speaking at the Meeting, Minister of Planning and Investment Nguyen Chi Dung said that Resolution No. 01/NQ-CP dated January 1st, 2018 of the Government set the motto of "discipline, integrity, action, creativity, efficiency". In which, with the determination of enterprises as driving force for economic development and commitment to facilitate the best conditions for enterprises to invest, do business, solutions for administrative reformation, investment environment improvement, macroeconomic stabilization, inflation control have been drastically implemented by the Government, the Prime Minister, ministries and branches in Vietnam and have achieved encouraging results.

The Vietnam - Japan cooperation relationship has achieved great, better and better results, enriching the good relationship for peace and prosperity of Asia. In 2018, the two countries celebrate the 45th anniversary of the establishment of diplomatic relations, with the attention from the two countries' high-level leaders, the Vietnam - Japan cooperation has been increasingly broadened, enhanced in many fields, from politics, security and defense to economy, trade, investment, culture and people to people exchange, especially when both Vietnam and Japan are active members, contributing to the signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Vietnam is becoming a promising land, bringing success to the business community, especially to Japanese enterprises.

Regarding Japan’s investment in Vietnam, as of July 20th, 2018, Japan had 3835 projects with total registered investment capital of more than 55 billion USD. Minister Nguyen Chi Dung highly appreciated the disbursement rate, the law compliance of Japanese enterprises. Vietnam - Japan Joint Initiative was launched in April 2003 and is considered as the most effective cooperation forum among the forums for cooperation dialogue of the Government of Vietnam. Vietnam - Japan Joint Initiative has completed six phases, with 386 out of 473 sub-categories, equivalent to 82%, being implemented well and on schedule. The important task of phase VII, in addition to being a dialogue channel between the business community and the Government agencies of Vietnam, the two sides will accelerate the cooperation process more quickly and effectively.

The year 2018 is a special year in the cause of attracting foreign investment in Vietnam, it marks 30 years since the first Law on Foreign Investment was issued and implemented in Vietnam. This is a crucial time for Vietnam to re-evaluate its achievements and lessons that need to be summed up and learned from, at the same time, orient to attract investment in the coming time. In the last 30 years, Vietnam - Japan Joint Initiative were Vietnam's companion for 15 years, recommend practical policies, greatly contributing in the improvement of the business investment environment in order to effectively attract the flow of foreign investment capital into Vietnam.

At the Meeting: MPI

After an actively working process in the spirit of cooperation, Vietnam and Japan agreed on the content for the Action Plan for the Vietnam - Japan Joint Initiative Phase VII, including some remaining issues of Phase VI and some new contents that Japan is interested in and hopes to exchange with ministries, branches of Vietnam. The completion of the construction the Action Plan has shown a good start of Phase VII of the Vietnam-Japan Joint Initiative.

The Action Plan of Phase VII includes 10 groups of issues, of which 9 groups have been agreed with the plan. 65 sub-categories proposed by the Japanese related to: (1) Regulations on investment in Vietnam for foreign investors in the Law on Investment, Enterprise Law, Land Law and other laws related to business investment; (2) Promotion of information publicity such as case-law, transparency of the court functions; (3) Issues on Land Law and real estate registration, publicity of relevant information; (4) Reformation of State-owned enterprises and stock market; (5) Promoting industrialization with international competitiveness; (6) Labor and wages; (7) PPP policy framework; (8) Completing the legal system for gas pipeline construction in urban and suburban areas; (9) Establishing a company and opening a branch in the service sector; (10) The mechanism of replying in writing will continue to be discussed by the two sides on the possibility of being included in the Action Plan Phase VII.

The two sides also agreed that the time to implement the VII phase of Vietnam - Japan Joint Initiative is 17 months, from August 2018 to the end of 2019. In which, there will be two mid-term assessment meetings at the end of 2018 and between the year 2019 and a high-level meeting to evaluate the results of the implementation of the Vietnam - Japan Joint Initiative Phase VII at the end of 2019.

Minister Nguyen Chi Dung evaluated that the meeting had clarified the contents that the two sides are interested in and set a request for closer cooperation between the two sides in order to solve the current problems. Minister Nguyen Chi Dung also highly appreciated the efforts of Japanese working groups in company with Vietnamese ministries and branches for actively discussing to agree on the contents of the Action Plan. At the same time, he emphasized that in the context of global integration, with new mechanisms and frameworks for economic cooperation, Vietnam - Japan Joint Initiative need to focus on new approaching methods, new ways of deployment that are more realistic, to achieve higher and more positive results.

Extraordinary and Plenipotentiary Ambassador of Japan in Viet Nam, Umeda Kunio speaking at the Meeting: MPI

Speaking at the meeting, Extraordinary and Plenipotentiary Ambassador of Japan in Viet Nam, Umeda Kunio said that the contents in Vietnam - Japan Joint Initiative Phase VII are topics that adequately express the development of Vietnam’s economy. This aims at further developing the quality of the people's lives as well as enhancing international competitiveness, by increasing the quality, not the amount of investment.

Ambassador Umeda Kunio also pointed out that Vietnam's labor productivity is staying at a low- level in ASEAN. To achieve sustainable development and high international competitiveness, Vietnam needs solutions to improve labor productivity. Japan is also implementing a nationwide labor productivity enhancement movement. The issue of raising labor productivity is a key task in the Vietnam - Japan Joint Initiative, contributing to Vietnam's economic development, Mr. Umeda Kunio expected.

Minister Nguyen Chi Dung, Ambassador Umeda Kunio, Co-Chairman of KEIDANREN Kuniharu Nakamura and Hideo Ichikawa signing the Memorandum of Understanding of the Vietnam-Japan Joint Initiative Phase VII: MPI

At the meeting, Minister of Planning and Investment Nguyen Chi Dung and Extraordinary and Plenipotentiary Ambassador of Japan in Viet Nam, the two Presidents of KEIDANREN signed the Memorandum of Understanding of the Vietnam - Japan Joint Initiative Phase VII. In which, the two sides committed to continuing their efforts to cooperate and actively, precisely implement the contents of the Action Plan to bring about the success of Phase VII in order to improve the investment and business environment of Vietnam, head towards a common goal of development and prosperity of both Japanese and Vietnamese business community./.

By Hien Nguyen