Prime Minister Pham Minh Chinh receives JBIC Governor

Hanoi – Prime Minister Pham Minh Chinh described Japan as a leading important economic partner of Vietnam during a reception in Hanoi on September 14 for Governor of the Japan Bank for International Cooperation (JBIC) Hayashi Nobumitsu.

The PM also hailed Japan as the top bilateral supplier of official development assistance (ODA), the second biggest labour cooperation partner, the third biggest investor and the fourth largest trade partner of Vietnam.

Japan has so far provided nearly 30 billion USD in ODA for Vietnam while about 350,000 Vietnamese labourers are working in the Asian country. Japan now has 4,873 valid projects worth over 65 billion USD in Vietnam. Two-way trade reached 42.7 billion USD in 2021 and rose by 11.9% annually the first half of this year to 23.4 billion USD, according to the government leader.

Vietnam always regards Japan as a top, long-term strategic partner and supports Japan's contributions to peace and development in the region and the world as well, he said.

Vietnam is determined to maintain political stability, social safety and order, build a transparent business environment and drastically deal with difficulties faced by Japanese firms, PM Chinh added.

He suggested the Governor continue working closely with Japanese agencies to help Vietnam build a self-reliant and globally integrated economy; enhance policy consultations and workforce training; and promote public-private partnerships in the transition to green and clean energy; build strategic infrastructure, especially transport infrastructure; step up innovation and digital transformation; build a digital government, digital economy and society; and develop supporting industries and equipment production for renewable energy.

The Vietnamese leader proposed JBIC offer more preferential loans to Japanese and Vietnamese enterprises participating in joint projects as agreed by the two PMs, encourage Japanese firms to diversify supply chains to Vietnam, thus helping Vietnam join its supply chains and making Japan the biggest investor in Vietnam soon.

He expects that more priority would be given to Vietnam to deliver on its commitments to reduce greenhouse emissions to zero by 2050 as well as access the 10-billion-USD aid package committed by Japanese PM Kishida Fumio at the 26th United Nations Climate Change Conference of the Parties (COP26).

On the occasion, PM Chinh hoped JBIC and the Japanese Government will work with parties concerned to deal with issues related to Nghi Son oil refinery project in the spirit of “harmonised interests, shared risks”.

Agreeing with the PM’s proposals, Nobumitsu hailed Vietnam as an attractive destination for Japanese investors and the top priority of JBIC.

He promised that JBIC and Japan will actively partner with Vietnam in climate change response, especially energy transition and renewable energy development via assistance in terms of capital, technology and workforce training.

The Governor also vowed to work with relevant agencies to deal with issues related to the Nghi Son oil refinery project as directed by the PM, and continue launching practical initiatives to intensify the Vietnam-Japan extensive strategic partnership.