Vietnam and Japan discussed cooperation in the fields of digital transformation, energy, and economy at a high-level economic seminar between the two countries in Hanoi on March 7.

Addressing the gathering, Prime Minister Pham Minh Chinh said 50 years after the establishment of bilateral diplomatic ties, Vietnam - Japan friendship and cooperation have been unceasingly reinforced and developed in various endeavors, especially economy, trade, and investment.

Bilateral trade approximated $50 billion in 2022, with Japan becoming Vietnam’s fourth-largest trading partner, exporting nearly $25 billion worth of goods to Vietnam.

Japan has more than 5,000 valid investment projects in Vietnam with capital of nearly $70 billion in total, ranking it third among the 141 countries and territories investing in the country. Vietnam, meanwhile, has 104 projects and $19.2 million worth of capital in Japan, which stands in 36th position among the 79 destinations with Vietnamese investment.

Japan has become the largest ODA provider to Vietnam, with more than JPY2.7 trillion ($19.8 billion) in loans, nearly JPY100 billion ($735 million) in non-refundable aid, and JPY180 billion ($1.3 billion) worth of technical cooperation.

Prime Minister Chinh said the two countries’ potential for further cooperation remains, and called on foreign-invested enterprises (FIEs), including from Japan, to increase the training of high-quality human resources, apply advanced management science, and step up research, development, and innovation, thereby turning Vietnam into a center within regional and global value chains.

The Vietnamese Government will create the best possible conditions for Japanese investors to make successful, sustainable, and long-term investment in the country, the government leader said.