State President Truong Tan Sang made the commitment while receiving Monotobu Sato, President of the Japanese Business Association in Vietnam and representatives of leading Japanese businesses operating in Vietnam, in Hanoi on February 8.

He noted the strategic partnership between Vietnam and Japan is faring well, but there is huge potential for stronger cooperation in economics, trade, and investment.

Sang said Japanese investment made up more than 26% of Vietnam’s total foreign direct investment (FDI) in 2013, and the figure will be higher in the near future as Vietnam prioritises FDI in six key areas: electronics, agricultural machinery manufacturing, farm product processing, shipbuilding, the environment, energy conservation, automobile and spare parts manufacturing.

Developing complex industrial zones is also one of Vietnam’s priority areas, he told Japanese guests.

Japan is currently Vietnam’s largest foreign investor, injecting US$5.7 billion into the Southeast Asian nation, accounting for 26.7% of its total foreign investment.

Japanese businesses make fact-finding tours of Vietnam to seek investment opportunities. They all acknowledge both countries’ effort to undertake the joint Initiative to improve Vietnam’s business climate.

Japanese guests said they will increase cooperation and investment in Vietnam in the coming years.

Japanese ambassador to Vietnam Hiroshi Fukada and representatives of the Japan External Trade Organisation (JETRO) and the Japan International Cooperation Agency (JICA) attended the meeting.