Vietnam is banking on greater trade and investment bonanzas with key regional partners.
During his official visit to Japan last week, Vietnam’s deputy prime minister Nguyen Xuan Phuc told Japanese prime minister Yoshihiko Noda the two countries’ bilateral trade touched $21 billion last year, but “room for further bilateral trade growth remains.”
He said Vietnam wanted more Japanese foreign investment, with more investment incentives for Japanese enterprises. minister of Planning and Investment (MPI) Bui Quang Vinh said Vietnam would build many industrial parks exclusively earmarked for Japanese investment. “Japan is among the top destinations for us to expand our investment promotion activities in 2012′s second half and 2013,” Vinh said.
MPI figures showed that as of June 20 this year, Vietnam licensed 1,681 Japanese direct investment projects with total registered capital of $28.04 billion. Phuc said Vietnam would like to enjoy more Japanese official development assistance (ODA), which totalled about $23 billion since 1992.
In Japanese fiscal year 2011, Japan provided 270 billion yen ($3.4 billion) of ODA to 16 projects in Vietnam, a record high.
Prime minister Noda said Japan would continue to support Vietnam in ODA and in transferring technologies, especially for the agricultural sector, while encouraging more Japanese firms to come to Vietnam.
Meanwhile, National Assembly Chair Nguyen Sinh Hung last week visited Laos and his Laotian counterpart Pany Yathotou, Laos Party general Secretary and President Choummaly Sayasone and Laos prime minister Thongsing Thammavong vowed that the two sides would continue developing the bilateral multi-faceted cooperation.
The two sides pledged to find measures to lift the two countries’ two way trade turnover of $734 million last year to an impressive $1 billion this year and $2 billion by 2015.
In related news, general Raul Castro Ruz, First Secretary of the Communist Party of Cuba Central Committee and President of the State Council and the Council of ministers, has paid a four-day official visit to Vietnam since late last week. The visit was intended to cement the two countries’ political relationship while continuing to strengthen efforts to swell the bilateral economic, trade and investment cooperation, according to Vietnam’s Ministry of Foreign Affairs.
Ruz had talks with Vietnam’s Party general Secretary Nguyen Phu Trong and met with State President Truong Tan Sang, prime minister Nguyen Tan Dung and National Assembly Chair Nguyen Sinh Hung. Vietnam-Cuba two-way trade turnover was $274.3 million last year. Vietnam is Cuba’s second largest trade partner in Asia.