Prime Minister Pham Minh Chinh affirmed that Vietnam is ready to coordinate with Japan and other members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to implement the agreement effectively, bringing in more benefits to businesses and people, the Government News has reported.

He made the confirmation while receiving Mr Yoshitaka Shindo, Japan’s Minister of State for Economic and Fiscal Policy and Minister in charge of Economic Revitalization, New Capitalism, Startups, Infectious Disease Crisis Management, and Social Security Reform, and CPTPP in Hanoi on July 9.

Vietnam is always ready to coordinate with Japan and other members of the CPTPP in implementing the CPTPP to improve its efficiency and bring more benefits to businesses and people, and increase the CPTPP’s role in regional and global trade, the PM said.

In addition to the CPTPP, Vietnam and Japan are also members of many other free trade agreements and economic cooperation frameworks such as the Regional Comprehensive Economic Partnership (RCEP), ASEAN-Japan Comprehensive Economic Partnership Agreement (AJCEP), the Vietnam-Japan Economic Partnership Agreement (VJEPA), and most recently the Indo-Pacific Economic Framework for Prosperity (IPEF). These cooperation frameworks play an important role in promoting trade, investment and business relations between the two countries to a new level, according to the PM.

He proposed the two countries to promote bilateral cooperation in all fields and study mechanism to create breakthroughs in economic, trade and investment cooperation.

PM Chinh suggested Japan to continue paving the ways for the exports of Vietnamese fresh fruits as well as support Vietnamese businesses to participate in the global supply chain, production chain, and distribution chain.

For his part, Minister Yoshitaka Shindo proposed that Vietnam coordinate with Japan to promote cooperation with specific programs and projects, especially in the fields of trade, investment, innovation, entrepreneurship, education, training and labor.

He said Japan hopes Vietnam will continue to coordinate closely with Japan and other CPTPP members to effectively implement the agreement.

Two-way trade turnover between Vietnam and Japan in 2023 reached $45 billion. Japan has over 5,300 active projects in Vietnam with a total registered investment capital of $74.4 billion.