Vietnam and Kanagawa strengthen business and investment ties

Vietnam and Kanagawa strengthen business and investment ties

Vietnam and Japan are exploring ways to deepen economic cooperation, expand business links, and strengthen collaboration in high-tech sectors and human-resource development.

On November 14, Minister of Finance Nguyen Van Thang received a delegation from Kanagawa Prefecture, Japan, led by Governor Kuroiwa Yuji, at the Ministry of Finance headquarters in Hanoi. The meeting focused on promoting bilateral investment, enhancing business partnerships, and advancing joint initiatives in technology and workforce development.

Minister of Finance Nguyen Van Thang (right) receives Governor Kuroiwa Yuji of Japan's Kanagawa prefecture

Providing an overview of Vietnam-Japan economic ties, Minister Thang said, “The Vietnam-Japan comprehensive strategic partnership has steadily advanced, with economic cooperation at its core. Japan remains one of Vietnam’s most important partners: the top partner in official development assistance and labour collaboration, the third-largest investor, and the fourth-largest partner in trade and tourism.”

According to the Minister, local-to-local cooperation plays a practical and effective role within bilateral relations, helping strengthen collaboration in investment, trade, labour, and people-to-people exchanges. At present, more than 108 Vietnamese and Japanese localities maintain active cooperative partnerships.

Minister Thang highly valued the close cooperation between Kanagawa prefecture and Vietnam’s ministries, sectors, and localities.

Kanagawa signed an MoU with the Ministry of Finance (formerly the Ministry of Planning and Investment, merged in March 2025) in 2014. Since then, the two sides have engaged in numerous economic and cultural initiatives and have supported many enterprises exploring investment opportunities in both Vietnam and Kanagawa.

Thang expressed his hope that Governor Kuroiwa Yuji would continue fostering business links between Kanagawa and Vietnam, encouraging Kanagawa companies to expand investment, transfer technology, and support the development of a skilled, knowledge-based workforce.

The minister proposed that Kanagawa authorities strengthen collaboration with Vietnamese localities and central ministries through concrete projects, encourage Kanagawa businesses to invest in areas of the prefecture’s expertise – such as agriculture, processing, manufacturing, and supporting industries – and also in Vietnam’s priority sectors, including science and technology, innovation, digital transformation, and semiconductors.

Minister Thang stressed that the Vietnamese government is ready to support Kanagawa businesses and provide all necessary assistance to ensure their successful investment and operations in the country.

In his remarks, Governor Kuroiwa thanked Minister Thang and MoF leaders for their warm reception and the opportunity to discuss ways to expand business and investment cooperation between the two sides.

On behalf of the delegation, he outlined the activities of Kanagawa businesses in Vietnam and addressed opportunities to further boost investment ties between the prefecture and the country.

“There are currently 32 Kanagawa enterprises investing in Vietnam, reflecting the strong appeal and competitiveness of the country’s investment environment. We hope this visit will generate momentum and advance Kanagawa-Vietnam cooperation in a deeper, more practical, and effective way,” he said.

As of October 31, Japan had 5,681 active projects in Vietnam, with total registered capital of $78.9 billion. In the first 10 months of 2025, Japan’s newly registered capital in Vietnam reached $3.1 billion, up 2.9 per cent on-year, with 246 newly licensed projects, ranking fourth among 109 countries and territories investing in the country.

By contrast, Vietnam currently has 128 active outbound projects in Japan, with total registered capital of $47.2 million, representing just 0.2 per cent of the country’s cumulative overseas investment. Japan ranks 31st among the 85 countries and territories receiving Vietnamese investment.

VIR