Prime Minister Pham Minh Chinh and his Japanese counterpart witnessed the exchange of documents regarding the signing of three ODA cooperation projects with a total value of 61 billion yen (about 500 million US dollars) today.
This amount will be spent by Vietnam for the new generation ODA budget support program for post-Covid-19 socio-economic recovery and development, about 50 billion yen, the remaining 21 billion yen for infrastructure improvement projects. public transport in Binh Duong province and a project to improve infrastructure for agricultural development in Lam Dong province.
Prime Minister Pham Minh Chinh also held talks with Prime Minister Fumio Kishida today, on the occasion of attending the expanded G7 Summit and working in Hiroshima, Japan. This is the 5th high-level Vietnam-Japan meeting between the two counterparts in over a year.
Japan is the largest provider of concessional ODA loans to Vietnam, with about 2,980 billion yen (US$21.6 billion), including ODA loans, grants and cooperative technical assistance since 2005. 1992. Japan’s ODA represented more than 30% of bilateral development assistance to Vietnam.
The two prime ministers said that in the near future, the two countries will discuss the possibility of Japan providing a new generation of ODA for strategic large-scale infrastructure development projects in Vietnam, such as the North-South high-speed railway. railways, combating climate change, green transformation and health. These loans will have high incentives, simpler and more flexible procedures than before.
Prime Minister Pham Minh Chinh and Japanese Prime Minister Fumio Kishida in Hiroshima on May 21. Photo: Duong Giang
Currently, some ODA cooperation projects are delayed, such as Cho Ray Hospital 2, urban railway construction project No. 1 Ben Thanh – Suoi Tien. Prime Minister Pham Minh Chinh said he would guide ministries and sectors to accelerate the progress of these projects, ensuring effective investment capital.
Prime Minister Pham Minh Chinh called on Japanese leaders to promote a new wave of Japanese investment in Vietnam in the areas of high technology and renewable energy.
He also suggested that the Japanese government create favorable conditions, simplify visa procedures and advance visa-free entry for Vietnamese citizens, to promote tourism cooperation and create favorable conditions for the community of nearly 500,000 Vietnamese in Japan.
Prime Minister Kishida stated that Vietnam has a leading position in implementing Japan’s foreign policy in the region.
The two leaders agreed to promote defense and security cooperation and enhance ties between the two economies through increased investment and trade cooperation. The two sides also said they would coordinate their positions on issues of mutual interest in multilateral and regional forums such as ASEAN, the United Nations and APEC.
Prime Minister Pham Minh Chinh talks with Prime Minister Kishida Fumio on May 21 in Hiroshima, Japan. Photo: Nhat Bac
Prime Minister Pham Minh Chinh attended the 49th G7 Open Summit on May 20-21, at the invitation of Japanese Prime Minister Fumio Kishida. This is the third time that Vietnam has participated in this conference and the second time at the invitation of Japan. This year, Vietnam is one of two Southeast Asian countries invited by Japan, alongside Indonesia.
The G7 includes the advanced industrialized nations of the US, UK, France, Germany, Japan, Canada and Italy, which play an important role in shaping and strengthening global structure and governance.
2023 is the year that Vietnam and Japan celebrate the 50th anniversary of the establishment of diplomatic relations. The two countries’ extensive strategic partnership has comprehensively developed over the past time. Japan is the first G7 country to recognize Vietnam’s market economy status.
This country is Vietnam’s fourth largest trading partner. The total volume of imports and exports last year reached nearly US$50 billion, up from US$42.7 billion in 2021. In the first three months of this year, this country’s export volume reached nearly US$50 billion, up from 42.7 billion dollars in 2021. Imports from the two countries reached almost 11 billion dollars.
In terms of direct investment, Japan ranks third out of 143 countries and territories pouring capital into Vietnam. Cumulatively up to the end of March, Japanese companies invested in 5,050 FDI projects, with total capital of nearly US$70 billion.