Six outstanding solutions to challenges faced by Vietnamese and Japanese businesses were awarded at the Inno Vietnam - Japan Fast Track Pitch 2023 program ceremony held in Hanoi on November 3.

The six top awards of the program are the most innovative and promising solutions that help businesses optimize processes and create tangible value for society.

The winning company gets awarded at the ceremony. Photos: Le Tien

The winning products and solutions will have the opportunity for commercialization, development support, and future investment to expand their market and participate in the global value chain. The program serves as a bridge to further strengthen ties between the two business communities and deepen bilateral relations between Vietnam and Japan.

The program was organized by the National Innovation Center (NIC) in coordination with the Japan External Trade Organization (JETRO) and the Embassy of Japan in Vietnam on the occasion of the 50th anniversary of Vietnam-Japan friendly and cooperative relations.

The activity is part of the "ASEAN-Japan Co-Creation Fast Track Initiative" led by the Ministry of Planning and Investment and the Ministry of Economy, Trade and Industry of Japan.

The program aims to attract  innovative businesses  from Japan and Southeast Asia to address pressing business and corporate issues. Over the course of more than two months since the program's launch in August, nearly 100 solutions have been submitted.

The event also creates opportunities for the winning companies to move forward, join an expanded innovation network, and develop their businesses not only in the two countries, but also in the Asian region.

Delegates attend the meeting.

On this occasion, Minister of Planning and Investment Nguyen Chi Dung and Minister of Economy, Trade and Industry (METI) of Japan Nishimura Yasutoshi had a discussion.

Minister Nguyen Chi Dung asked Mr. Nishimura to continue supporting the Ministry of Planning and Investment and NIC, and to promote the establishment of offices, R&D centers and trial production plants (fablabs) at NIC's Hoa Lac by technology companies, research institutes and universities from Japan.

The Ministry of Planning and Investment would like to work closely with METI to encourage Japanese companies to visit, strengthen cooperation and invest in areas such as digital economy, digital transformation, innovation and entrepreneurship in Vietnam, Dung added.

The minister said his ministry is committed to accompanying and supporting Japan, and invites Japan to continue exploring investment cooperation with Vietnam, focusing on key sectors such as semiconductor chips, renewable energy, high-tech agriculture, smart factories, digital transformation, and investment in international financial centers.

Minister of Economy, Trade, and Industry of Japan (METI) Nishimura Yasutoshi

For his part, Nishimura Yasutoshi said that 2023 will marks the 50th anniversary of Vietnam and Japan establishing diplomatic relations. Japanese businesses have been expanding their operations in Vietnam, and the Japanese Chamber of Commerce and Industry consists of 2,000 Japanese businesses in Vietnam operating in various sectors such as electricity, electronics, automobiles, retail, information technology, and energy.

"Japan is committed to supporting innovative projects in Vietnam, especially in the areas of digital transformation and green development," he said.

"We have also allocated a budget of about VND25 trillion (US$1.02 billion) for developing countries. ASEAN and Japan, including Vietnam, are working together to promote sustainable socio-economic development."