This is the first foreign visit by Prime Minister Suga Yoshihide after he took office one month ago and is also the second consecutive time that a new Japanese government leader has chosen Vietnam as their first foreign destination after taking office. The visit aims to deepen economic, trade and investment cooperation between the two countries, contributing to promoting the extensive strategic partnership between Vietnam and Japan in a more comprehensive and substantive manner.
Japan is the world's third largest economic power, with GDP as of June 2019 reaching US$5.2 trillion. During the time in power from December 2012 to September 2020, former Prime Minister Abe Shinzo has strongly implemented the Abenomics new economic policy withthe first stage consisting of three “arrows”: fiscal stimulus, monetary easing and structural reforms. Meanwhile, the second stage of the Abenomics includes a strong economy, support for child rearing and social reforms.
By the end of 2018, the Abenomics policy achieved some remarkable results, such as the size of the economy increasing by more than 10%, national and local budget revenues increasing US$250 billion and an additional 2.5 million jobs created, among others.
After taking office in September 2020, Prime Minister Suga Yoshihide affirmed that he would focus on controlling the COVID-19 pandemic with the balance between the pandemic control and economic recovery,maintaining the Abenomics policy and administrative reforms, strongly promoting digitisation, and solving the issue of an aging population and a reduction in birth rate.
Japan will implement a global foreign policy on the basis of a "Peaceful nation" and solve the overall problems that exist after the Second World War in order to build peace and prosperity in the Asia-Pacific region in the new era.
Vietnam and Japan established diplomatic relations on September 21, 1973. Japan is the first country in the G7 group to welcome the General Secretary of the Communist Party of Vietnam in 1995 and also the first G7 country to establish a strategic partnership with Vietnam in 2009 and recognise the market economy of Vietnam in 2011.
The two countries established an extensive strategic partnership for peace and prosperity in Asia in March 2014. Vietnam - Japan relations are at the highest stage since the establishment of diplomatic relations with high reliability.
Senior leaders of the two countries maintain regular visits and contacts at international and regional forums. Former Prime Minister Abe visited Vietnam for four times whilesenior leaders of our Party and State have visited Japan many times, the most recent is the visit to Japan by Prime Minister Nguyen Xuan Phuc in October 2019.
Japan - Vietnam economic cooperation is growing well. Japan is the most important economic partner of Vietnam. The total import-export turnover in the first nine months of 2020 reached US$28.6 billion.
Regarding foreign direct investment (FDI), Japan had4,595 valid FDI projects in Vietnam by September 2020 with a total registered capital of US$59.87 billion, ranking second among the 136 countries and territories investing in Vietnam.
Japan is the largest ODA provider to Vietnam, with US$23.76 billion and is also the third largest tourism partner of Vietnam, with nearly 952,000 tourists visiting Vietnam in 2019.
Cooperation in agriculture and response to climate change continues to grow strongly. In recent years, Japan has continuously provided ODA for projects responding to climate change in Vietnam.
Meanwhile, labour and education cooperation is also expanding. Vietnam currently ranks first in the number of foreign interns in Japan, with more than 230,000 people. Japan is also one of the largest providers of non-refundable aid to Vietnam's education sector.
Cooperation between localities of the two countries has also been strongly promoted. Localities of Vietnam and Japan have signed more than 70 cooperation documents.
The Vietnamese community in Japan includes about 430,000 people who act as a bridge in promoting bilateral relations.
From the beginning of 2020, the COVID-19 pandemichas affected Vietnam-Japan relations in many areas. Despite the cancel and postpone of several foreign activities, the two countries have still maintainedexchanges at various levels in many forms.
The Government and National Assembly of Vietnam provided a total of 1,190,000 medical masks and 20,000 fabric masks for Japan, while the Japanese Government supported Vietnam with medical equipment and supplies through bilateral mechanisms as well as through international organisations.
The official visit to Vietnam by Japanese Prime Minister Suga Yoshihide and his wife is expected to deepen theextensive strategic partnership between the two countries and further foster economic, trade and investment cooperation. May the visit by Prime Minister Suga Yoshihide be a great success, contributing to strengthening Vietnam-Japan relations and to peace and stability in the region and the world.
