Within the framework of the Inno Vietnam - Japan Fast Track Pitch 2023 Program in Hanoi on November 3, Minister of Planning and Investment Nguyen Chi Dung and Japan’s Minister of Economy, Trade and Industry (METI) Nishimura Yasutoshi held a bilateral discussion and emphasized that in the context of complex changes in the region and the world the two sides need to increase exchanges to better understand each other and find more solutions and stronger cooperative initiatives in the time to come.

Minister Dung welcomed and expressed his appreciation of the visit to Vietnam by Minister Yasutoshi on the occasion of the 50th anniversary of diplomatic relations between Vietnam and Japan.

“Japan is an important partner of Vietnam and the relationship between the two countries is at its best stage of development,” he added. “We hope that the cooperative relationship between the two countries will continue to be promoted. From the political foundation and beautiful traditional relationship between the two countries, our task is to strengthen cooperation in specific areas such as economics, trade, and investment to match this good relationship.”

Vietnam has undergone more than 35 years of innovation and has recorded important achievements. However, it is also facing many difficulties and challenges. It has set a development goal to 2030, with a vision of becoming a developed, high-income country by 2045. To achieve the goals, it must resolve short-term problems and rely on science, technology, and innovation.

It hopes for Japan’s support in implementing three strategic breakthroughs, with Japanese businesses continuing to invest in high-tech and new technology fields in accordance with Vietnam’s green growth, green economy, and digital economy strategies.

Regarding the Vietnam - Japan Innovation Program, the Minister hopes to continue promoting activities and introducing more suitable Japanese technology enterprises, research institutions, and universities that can set up offices, R&D centers, and experimental manufacturing plants (fablabs) at the National Innovation Center (NIC) in Hanoi’s Hoa Lac Hi-Tech Park.

Minister Dung also emphasized his desire to cooperate closely with METI in the work between the two governments in general and in attracting Japanese businesses to visit and strengthen cooperation and investment in the fields of digital economy, digital transformation, innovation, and startups.

Meanwhile, Minister Yasutoshi believes that the two sides will continue to promote startup and innovation activities in Vietnam under specific proposals and results, at the same time affirming and promoting activities for Japanese businesses to participate in activities at the NIC and in Vietnam more generally.

Japanese businesses are currently investing in Vietnam in many different fields. The Minister expects to continue to receive support from the Ministry of Planning and Investment and relevant ministries and branches to implement new projects in Vietnam, in which the field of innovation is expected to see many breakthroughs.

The Inno Vietnam - Japan Fast Track Pitch 2023 was organized by the NIC in cooperation with the Japan External Trade Organization (JETRO) and the Embassy of Japan in Vietnam on the occasion of the 50th anniversary of relations and Vietnam - Japan cooperation.

Based on addressing interesting challenges and on the diverse fields of six large corporations and enterprises in the two countries - Vingroup, FPT, MoMo, the Tokyu Group, the Money Forward Group, and Fujikin - after two months of its launch the program attracted nearly 100 impressive solutions from innovative businesses in Vietnam and the world.

The program creates strong connections in the startup community, with the expectation that many creative and breakthrough solutions will appear, promoting knowledge exchange and technology transfer, and increasing the feasibility and replication of applying new technology solutions from new names.

The Organizing Board selected the two most impressive solutions for each challenge, including seven solutions from Vietnam, three from Japan, and one from both Singapore and India.

“Today’s program demonstrates how we leverage creativity and innovation in the community to seek innovative solutions to address challenges related to economics, business investment, and corporate governance,” Minister Dung said. “With this approach, the program will attract the participation and support of ministries, localities, corporations, international organizations, and investment funds to create a playground full of related subjects. This is an opportunity to further promote the connections between the business communities in Vietnam and Japan.”

Speaking at the Inno Vietnam - Japan Fast Track Pitch 2023, Minister Yasutoshi emphasized that innovation is the key to future growth, and startups are the driving force of innovation.

“The culture of innovation and entrepreneurship in Vietnam is huge,” the Minister said. “We are committed to cooperating with Vietnam in building its innovation ecosystem in Vietnam and ASEAN. Japan will support a number of innovation projects in Vietnam, with priority given to the two areas of digital transformation and green development. Regarding finance, Japan has prepared a budget equivalent to VND25 trillion ($1.1 billion) for developing countries.”