Japan and Viet Nam should deepen bilateral co-operation, not only in investment and trade but also work to improve relationships in the future, Director of the Central Institute for Economic Management (CIEM) Nguyen Dinh Cung told a forum on Thursday.

Cung was at the CIEM’s Viet Nam – Japan Policy Research Forum in Ha Noi.

He said: “Being the two most active members in one of the world’s most dynamic regions, Viet Nam and Japan need to look beyond cooperation in trade and investment to strengthen bilateral cooperation.”

Nguyen Anh Duong, CIEM’s Macroeconomic Policy Department, said there is significant room to boost the cooperation between enterprises in Japan and Viet Nam.

But he stressed for maximum potential, Viet Nam needed to be more proactive.

“It is important to change the thinking in joining the global value chain. In addition, Viet Nam should also promote multilateral cooperation to facilitate and encourage investment,” Duong said.

Duong pointed out that the cooperation with Japan contributed largely to improving production capacity.

Senior economist Vo Tri Thanh said at the forum Viet Nam remains a top destination for Japanese investors.

Viet Nam needs to renovate its growth model towards innovation and productivity while shifting its policies for attracting foreign direct investment, Thanh said.

“Attracting foreign direct investment should aim at promoting technology transfer, improving capacity and promoting green and sustainable growth,” he added.

According to Mie Oba from Tokyo University of Science, it is important to build regional order, maintain economic order and promote the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and other bilateral and multilateral agreements.

CIEM also organised a conference to discuss opportunities and challenges for Viet Nam and Japan to enhance cooperation and mutual benefits in the Industry 4.0 which would bring technology breakthroughs.

Japan – Viet Nam Economic Partnership Agreement was signed on December 25, 2008 and took effect on October 1, 2009.

The two countries established a strategic partnership in 2009 and upgraded to a comprehensive strategic partnership from 2014.

This year also marks 45 years of diplomatic relation.

Japan has been one of the top investors in Viet Nam with around US$60 billion so far.

It was also an important trade partner with a two-way trade of $33 billion in 2017. The bilateral trade reached $27.8 billion in the first nine months of this year. — VNS