Prime Minister Pham Minh Chinh delivers a speech at the Vietnam-Japan High-Level Economic Conference in March, 2023. (Photo: VGP/Nhat Bac)

Over the past half century, the highlights of their bilateral ties are economics, trade, and investment. Japan is Vietnam's largest ODA provider, fourth-largest trade partner, and is one of Vietnam’s largest labor export markets.

It has helped Vietnam build highways, bridges, airports, and ports.

The two have built legal frameworks for their bilateral relations and are members of new-generation Free Trade Agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Partnership (RCEP).

Speaking at the Vietnam-Japan High-Level Economic Conference in March, Prime Minister Chinh said both countries have given special attention to economic-trade-investment cooperation and promote it comprehensively. These are important corridors for increasing trade and investment activities for mutual benefit, Mr Chinh said.

“Vietnam and Japan have made great efforts for the CPTPP. Participation has proven to be in the interests of the two countries and the two business communities and consistent with the goals of peace, stability, cooperation, and development in the region and the world,” said Mr. Chinh.

He added the Vietnam-Japan joint initiative, a special cooperation mechanism between the two Governments, after 20 years of implementation, has brought positive results in improving the investment environment and Vietnam’s competitiveness in attracting investors, including those from Japan.

More than 200 Japanese businesses are operating in Vietnam, 60% of which have plans to expand their operations, far exceeding the number of Japanese businesses operating in other ASEAN countries.