Festival boosts Vietnam-Japan trade ties

(VOV) – A special Vietnam-Japan festival, due to take place in Tokyo and Fukuoka from September 13-18, is expected to strengthen bilateral cooperation, especially in trade and economics.

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“Vietnam meets Japan 2012″ is part of activities to celebrate the 40th anniversary of the two nations’ diplomatic ties. It is considered a great opportunity for Vietnam to promote the beauty of its people and landscape, as well as their vast potential for business cooperation with Japan.

The program includes art performances in Tokyo and Fukuoka, a trade forum on marine-based industries, a vocational training seminar, and a cultural and tourism festival.

Japan is currently Vietnam’s leading foreign investor and its third largest export market. Their combined trade turnover hit US$21.2 billion in 2011, and is expected to reach US$40 billion by 2020.

In the first five months of this year, Japanese investors poured US$3.68 billion into the Vietnamese market, accounting for 61 percent of the nation’s total foreign investment.

Japan is also the single largest provider of official development assistance (ODA) to Vietnam, with the former granting incentive loans worth US$24 billion since 1992.

In recent years, a large number of Vietnamese guest workers and trainees have visited Japan, reaching 30,000 people between 2006 and 2011. There are currently about 4,000 Vietnamese students studying in Japan.

Conversely, Japanese tourists presently make up 10 percent of arrivals to Vietnam.

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