Since establishing diplomatic relations in 1973, Japan has consistently been one of Vietnam’s top strategic partners across multiple sectors. Notably, economic, trade, and investment cooperation have always been at the forefront of our bilateral relations.
Both countries have constructed significant legal frameworks to bolster bilateral ties and are integral members of new-generation free trade agreements. These significant pathways serve as the cornerstone to enhance trade and investment relations based on mutual benefits and reciprocal support.
In terms of Official Development Assistance (ODA), Japan stands as Vietnam’s premier ODA benefactor, accounting for roughly 30% of the total funds from foreign sponsors. Specifically, Japan has provided over 2,700 billion Yen in loans, nearly 100 billion Yen in non-refundable aid, and 180 billion Yen to aid technical cooperation. These contributions have been instrumental in
developing expansive infrastructure projects, catalyzing sustainable socio-economic growth, facilitating advanced technology transfers, and fostering Vietnamese human resources.
Regarding investment, Japan is the third-largest foreign direct investor in Vietnam, following South Korea and Singapore. To date, Japan has initiated 5,143 active FDI projects, registering over 71.2 billion USD in capital (as of July 2023).
On the trade front, despite challenges posed by the COVID-19 pandemic, bilateral trade volumes have consistently increased year-on-year. The bilateral trade volume reached 40 billion USD in 2020, 42.7 billion USD in 2021, and 47.6 billion USD in 2022. As of July 2023, the bilateral trade value stands at over 24.9 billion USD. Vietnam prominently exports transportation vehicles, machinery, timber products, seafood, and electronics to Japan, while importing chiefly machinery and equipment.
Stepping into the fifth decade of bilateral relations and founded on the relationship of “Comprehensive, Trustworthy Partners for Peace and Prosperity in Asia”, the cooperative potential between the two nations remains vast and multifaceted. In this landscape, Vietnam emerges as an indispensable investment destination for Japanese businesses.
Aiming for a harmonious and shared growth, N&V Bridge Group is eager to welcome, engage, and explore opportunities for investment and trade collaboration with our partners. Boasting six offices across major cities in both Vietnam and Japan, coupled with a team of highly skilled professionals, N&V Bridge Group proudly aids Japanese enterprises in reaping success, unveiling a plethora of opportunities for foreign investors in Vietnam.
