Japan–Việt Nam ties in good corporate health

Japan–Việt Nam ties in good corporate health

Việt Nam–Japan ties stand as a model of successful cooperation, with Japan among Việt Nam’s closest and most vital partners.

Prime Minister Phạm Minh Chính (second left) meets with Japanese businesses on the morning of August 12 in Hà Nội. — VNA/VNS Photo Dương Giang

Prime Minister Phạm Minh Chính hosted high-level talks with leading Japanese corporations at the Government Headquarters on the morning of August 12, reaffirming the strength of Việt Nam–Japan economic ties and setting the stage for deeper collaboration.

The meeting drew participation from Deputy Prime Ministers Hồ Đức Phớc and Nguyễn Chí Dũng, key officials from central ministries and agencies, Japanese Ambassador to Việt Nam Ito Naoki and senior representatives from major Japanese business associations and enterprises.

Japan remains one of Việt Nam’s most trusted and long-standing partners. According to the Ministry of Finance, it is Việt Nam’s largest provider of official development assistance (ODA), the second-biggest partner in labour cooperation, the third-largest source of investment and international tourism and the fourth in bilateral trade.

Since the establishment of diplomatic relations in September 1973, the two countries have built a robust and wide-ranging partnership. Their ties were elevated to a 'Comprehensive Strategic Partnership for Peace and Prosperity in Asia and the World,' reflecting close coordination and shared interests across multiple sectors—from infrastructure and energy to education, digital innovation and climate resilience.

As of July 31, 2025, Japan had 5,608 valid projects in Việt Nam with registered capital of US$79.4 billion, ranking third among 151 countries and territories investing in Việt Nam, after South Korea ($94.9 billion) and Singapore ($87.3 billion).

In the first seven months of 2025, Japan’s newly registered capital reached $2.3 billion, an increase of 7.4 per cent year-on-year, across 158 new projects. This placed Japan fourth among 97 investing countries and territories, after Singapore (305 projects, $5.5 billion), South Korea (241 projects, $3.9 billion) and China (695 projects, $2.8 billion).

Major Japanese projects in Việt Nam include the Nghi Sơn Refinery and Petrochemical Complex in Thanh Hóa, with total registered capital of $9 billion (39.8 per cent from Japan, 35.1 per cent from Kuwait, 25.1 per cent from Việt Nam); the Đông Anh Smart City project in Hà Nội (Sumitomo–BRG) with $4.1 billion; and the Nghi Sơn 2 BOT Thermal Power Plant in Thanh Hóa with $2.8 billion.

The Ambassador also said Japan would propose new investment projects in Việt Nam, as well as new loan packages under the Asian Zero Emissions Community (AZEC) framework. He emphasised that this dialogue was also a chance to strengthen private-sector cooperation between the two countries.

At the meeting, Japanese companies raised challenges they faced in ongoing projects and business operations in Việt Nam. They asked the Government, the prime minister and relevant ministries, agencies and localities to help resolve these issues, creating more favourable conditions for Japanese investment to grow strongly in Việt Nam.

Meanwhile, Vietnamese investors have 126 projects in Japan, with total registered capital of $20.5 million. These projects are mainly in science and technology and wholesale and retail trade. Notable Vietnamese companies such as FPT, Rikkei and VMO have expanded cooperation and investment activities in Japan, contributing to the socio-economic development of both countries.

To further strengthen investment cooperation, the Ministry of Finance proposed several measures to expand cooperation in areas of strength and potential such as industrialisation, high-quality human resource training, innovation and digital transformation; promote collaboration in supply chain development and trade, maintaining Việt Nam’s role as an important link in global value chains; Japan to continue and enhance ODA support for important and modern infrastructure projects that will act as drivers for economic growth in the new era.

In addition, the MoF called on Japanese enterprises to accelerate research and expansion of investment projects in Việt Nam while strengthening cooperation in finance, especially in attracting green finance, support the development of regional and international financial centres in HMC and Đà Nẵng and assist in policy consultation to improve the legal framework for new economic models and further enhance the business environment.

Speaking at the dialogue, Ambassador Ito Naoki thanked the Government and the Prime Minister of Việt Nam for their continuous support for Japanese businesses operating in the country. He noted the recent visit of Japanese Prime Minister Shigeru Ishiba to Việt Nam was a great success.

During his talks with Prime Minister Chính, the two leaders identified key areas for future cooperation, including semiconductors, digital transformation, green transition and disaster prevention. These are expected to become pillars of bilateral cooperation. Prime Minister Ishiba welcomed Việt Nam’s reforms and both leaders agreed that improving the investment and business environment, while leveraging Japanese business strengths, would be a shared priority.

The Ambassador said Japanese businesses were closely following Việt Nam’s reforms, especially administrative reform and were hopeful for greater cooperation opportunities with Vietnamese companies.

He stressed that Japan wished to work alongside Việt Nam to achieve high economic growth and was ready to act as a partner supporting Việt Nam in this process. He expressed hope that the two sides would have constructive discussions to promote more sustainable development. 

Bizhub